------------------------------------------------------------------------------------------------------------------------------------------------------
      name:  <unnamed>
       log:  C:\Users\n06030\Desktop\REStat_Docs\results_final.dta.log
  log type:  text
 opened on:  14 Dec 2012, 15:45:39

. 
. 
. /*==========================================================================*\ 
> | Variables Description (Var names in paper in paratheses):  
> 
> | lfdnr      Company ID      
> | inno       Dummy: 1 if firm is involved in innovation activities in 2004-2006 (INNO)
> | fambes     Family-owned company dummy (FAMCOM) 
> | group      Group membership dummy (GROUP)
> | bonitaet   Credit rating (RATING)
> | hhi        Herfindahl index of industry concentration (COMP)
> | ost        Regional dummy (EAST)
> | ag         Legal form dummy (PUBLIC)
> | person     Legal form dummy (PRIVATE) 
> | gmbh       Legal form dummy (LIMITED) 
> | divers     Product range diversification (DIVERS) 
> | br         Industry
> | fue        R&D expenditure in 2006, in Mill. �
> | L1fue      R&D expenditure in 2005, in Mill. �
> | iages      Innovation expenditure, in Mill. �
> | profit     Profit-Turnover-Ratio (categorial variable, 8 classes)
> | plzd       Product life cycle, in years
> | bges       Number of Employees, in head counts          
> | alt        Firm age, in years 
> | respond    Function of respondent
> | L1exint    Lagged export intensity in 2005 (EXINT)
> | um         Turnover in 2006, in Mill �.
> | L1um       Turnover in 2005, in Mill �.
> | mkost      Material and energy costs in 2006, in Mill �. (used for calculation of pcm and pcm2)
> | L1mkost    Material and energy costs in 2005, in Mill �. (used for calculation of lpcm2)
> | bkost      Labour costs in 2006, in Mill �. (used for calculation of pcm and pcm2) 
> | L1bkost    Labour costs in 2005, in Mill �. (used for calculation of lpcm2) 
> | bhsp       Share of highly qualified personnel (used for definition of B)
> | mneu       Market novelty dummy (used for definition of B)
> | fueb       R&D employees (used for definition of B)
> | wb         Training expenditures (used for definition of B)
> | sv         Tangible assets in 2006 (beginning of year)
> | L1sv       Tangible assets in 2005 (beginning of year)
> \*===============================================================================*/  
. 
. 
. /*================================================================================*\ 
> |            V A R I A B L E   D E F I N I T I O N       
> \*================================================================================*/  
. 
. *****************************************************
. *** ENDOGENOUS VARIABLES 
. *****************************************************
. 
. **********
. * con: constrained yes/no
. **********
. 
. * current innovative firms that would not invest in innovation
.     gen p1m0=0 if mittel2!=.
(442 missing values generated)

.     replace p1m0=1 if inno==1 & mittel2==0
(933 real changes made)

.     
. * current innovative firms that would invest in innovation
.     gen p1m1=0 if mittel2!=.
(442 missing values generated)

.     replace p1m1=1 if inno==1 & mittel2==1
(836 real changes made)

.     
. * current non-innovative firms that would invest in innovation
.     gen p0m1=0 if mittel2!=.
(442 missing values generated)

.     replace p0m1=1 if inno==0 & mittel2==1
(92 real changes made)

.     
. * current non-innovative firms that would not invest in innovation
.     gen p0m0=0 if mittel2!=.
(442 missing values generated)

.     replace p0m0=1 if inno==0 & mittel2==0
(736 real changes made)

. 
. * define constrained firm 
.     gen ptype=.
(3039 missing values generated)

.     replace ptype=1 if p0m0==1 
(736 real changes made)

.     replace ptype=2 if p1m0==1
(933 real changes made)

.     replace ptype=3 if p1m1==1
(836 real changes made)

.     replace ptype=4 if p0m1==1
(92 real changes made)

.     
.     tab ptype

      ptype |      Freq.     Percent        Cum.
------------+-----------------------------------
          1 |        736       28.34       28.34
          2 |        933       35.93       64.27
          3 |        836       32.19       96.46
          4 |         92        3.54      100.00
------------+-----------------------------------
      Total |      2,597      100.00

.     tab ptype,m

      ptype |      Freq.     Percent        Cum.
------------+-----------------------------------
          1 |        736       24.22       24.22
          2 |        933       30.70       54.92
          3 |        836       27.51       82.43
          4 |         92        3.03       85.46
          . |        442       14.54      100.00
------------+-----------------------------------
      Total |      3,039      100.00

. 
.     gen con=0 if ptype!=.
(442 missing values generated)

.     replace con=1 if inlist(ptype, 3,4)
(928 real changes made)

.     tab con

        con |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |      1,669       64.27       64.27
          1 |        928       35.73      100.00
------------+-----------------------------------
      Total |      2,597      100.00

.     tab con ptype

           |                    ptype
       con |         1          2          3          4 |     Total
-----------+--------------------------------------------+----------
         0 |       736        933          0          0 |     1,669 
         1 |         0          0        836         92 |       928 
-----------+--------------------------------------------+----------
     Total |       736        933        836         92 |     2,597 


. 
.     label var con "constraints measure (dummy)(CON)"        

. 
. 
. *******************************************
. * atype: degree of financial constraints 
. * 0: no additional innovation
. * 1: additional innovation besides others
. * 2: exclusively additional innovation
. *******************************************
. 
.     gen type=.
(3039 missing values generated)

.     replace type=1 if mittel2==0 & (mittel1==1 | mittel3==1 | mittel4==1 | mittel5==1)
(1647 real changes made)

.     replace type=2 if mittel2==1 & (mittel1==1 | mittel3==1 | mittel4==1 | mittel5==1)
(882 real changes made)

.     replace type=3 if mittel2==1 & (mittel1!=1 & mittel3!=1 & mittel4!=1 & mittel5!=1)
(46 real changes made)

. 
.     recode type (1=0) (2=1) (3=2)
(type: 2575 changes made)

.     tab type

       type |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |      1,647       63.96       63.96
          1 |        882       34.25       98.21
          2 |         46        1.79      100.00
------------+-----------------------------------
      Total |      2,575      100.00

.     label var type "degree of constraints (TYPE)"        

. 
. 
. *****************************************************
. *** EXPLANATORY VARIABLES 
. *****************************************************
. 
. * rename a few variables to variable names used in paper
.     
.     rename bonitaet rating

.     label var rating "credit rating index in 2006"

.     rename fambes famcom

.     label var famcom "1 if company is family owned"

.     rename hhi comp

.     label var comp "Hirschman Herfindahl indix"

.     rename ost east

.     label var east "firm located in East Germany"

.      
.     rename ag public

.     label var public "public company (PUBLIC)"

.     rename person private

.     label var private "private company (PRIVATE)"

.     rename gmbh limited

.     label var limited "limited company (LIMITED)"

. 
.     global legal3 "private public limited" 

.     global legal "limited public" 

. 
.     
. ******************************
. * industry dummies 
. ******************************
. 
.     tab br, gen(br_)

                    industry |      Freq.     Percent        Cum.
-----------------------------+-----------------------------------
                      mining |         94        3.09        3.09
                food/tobacco |        214        7.04       10.13
                    textiles |        145        4.77       14.91
            paper/wood/print |        297        9.77       24.68
                    chemical |        209        6.88       31.56
             plastics/rubber |        173        5.69       37.25
               glas/ceramics |        146        4.80       42.05
                       metal |        363       11.94       54.00
                   machinery |        316       10.40       64.40
                electr. eng. |        231        7.60       72.00
   medicine/optic/processing |        235        7.73       79.73
                    vehicles |        138        4.54       84.27
                   furniture |        149        4.90       89.17
                energy/water |        192        6.32       95.49
                construction |        137        4.51      100.00
-----------------------------+-----------------------------------
                       Total |      3,039      100.00

.     global id "br_1 br_2 br_3 br_4 br_5 br_6 br_7 br_8 br_10 br_11 br_12 br_13 br_14 br_15"

. 
.     label var br_1 "mining"

.     label var br_2 "food/tobacco" 

.     label var br_3 "textiles"

.     label var br_4 "paper/wood/print" 

.     label var br_5 "chemical" 

.     label var br_6 "plastics/rubber" 

.     label var br_7 "glas/ceramics" 

.     label var br_8 "metal" 

.     label var br_9 "machinery" 

.     label var br_10 "electr. eng." 

.     label var br_11 "medicine/optic/processing" 

.     label var br_12 "vehicles" 

.     label var br_13 "furniture" 

.     label var br_14 "energy/water" 

.     label var br_15 "construction" 

.     
. 
. *******************************************
. * number of employees, in log 
. *******************************************
. 
.     rename bges size

.     label var size "firm size (SIZE)"

. 
.     gen lnsize=log(size)

.     label var lnsize "log firm size (lnSIZE)"

. 
. 
. *******************************************
. * firm age, in log 
. *******************************************
. 
.     rename alt age

.     label var age "firm age (AGE)"

.     
.     gen lnage = log(age+1)  

.     label var lnage "log firm age (lnAGE)"

. 
. 
. *******************************************
. * capital intensity 
. *******************************************
. 
.     gen kapint = sv/size   
(5 missing values generated)

.     gen kapint2 = kapint^2   
(5 missing values generated)

.     sum kapint,d

                           kapint
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%     .0011014              0
10%     .0035714              0       Obs                3034
25%         .012              0       Sum of Wgt.        3034

50%     .0247236                      Mean           .0978312
                        Largest       Std. Dev.      .3954553
75%     .0528791       5.066714
90%     .1564564       6.666667       Variance       .1563849
95%     .4163976       8.588889       Skewness       16.17523
99%      1.33279       11.86957       Kurtosis       377.4906

.     label var kapint "capital intensity as fixed assets/employees (KAPINT)"

. 
.     
. *******************************************
. * product life cycle
. *******************************************
. 
.     rename plzd plc

.     label var plc "product life cycle (PLC)"

.     
.     gen lnplc=log(plc)

.     label var lnplc "log. product life cycle (lnPLC)"

. 
. 
. *******************************************
. * lagged price cost margin
. *******************************************
. 
. * pcm including R&D with lag
.     gen lpcm2 = (L1um-L1mkost-L1bkost+0.93*L1fue)/L1um
(673 missing values generated)

.     sum lpcm2, d

                            lpcm2
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.3793104       -621.364
 5%     3.09e-08      -9.040234
10%     .0678448      -4.980187       Obs                2366
25%     .1478941      -4.100818       Sum of Wgt.        2366

50%     .2409361                      Mean          -.0192353
                        Largest       Std. Dev.       12.7835
75%     .3516121       .9393025
90%      .482835       .9676923       Variance       163.4179
95%     .5780632       1.014706       Skewness      -48.56359
99%     .8222162          1.016       Kurtosis       2360.934

. 
.     egen hvf = mean(lpcm2), by(gk nace2)
(16 missing values generated)

.     replace lpcm2 = hvf if lpcm2 == .
(657 real changes made)

.     drop hvf

.     egen hvf = mean(lpcm2), by(nace2)

.     replace lpcm2 = hvf if lpcm2 == .
(16 real changes made)

. 
. 
. 
. *******************************************
. * function of respondent
. *******************************************
. 
.     * binary indicators
.         gen finance = 0

.         replace finance   = 1 if respond==1   
(501 real changes made)

.         gen RD = 0    

.         replace RD        = 1 if respond==2     
(225 real changes made)

.         gen gf = 0

.         replace gf        = 1 if respond==3 
(1874 real changes made)

.         gen kaufman = 0

.         replace kaufman   = 1 if respond==4 
(237 real changes made)

.         gen other = 0

.         replace other = 1 if respond==5  
(202 real changes made)

.     
.         label var gf "CEO respondent (CEO)"

.         label var finance "Finance respondent (FIN_DEP)"

.         label var RD "R&D respondent (R&D_DEP)" 

.         label var kaufman "Sales respondent (SALES_DEP)"

.         label var other "Other respondent (OTHER_DEP)"

.     
.     * globals
.         global respond5 "gf finance RD kaufman other"

.         global respond "finance RD kaufman other"

.     
. 
. 
. 
. *********************************************
. * training expenditure per labour cost 
. *********************************************
. 
.     gen wb_b = wb/bkost
(5 missing values generated)

. 
. 
. *********************************************
. * drop all relevant missing values to define estimation sample
. * (including variables that are used for defining innocap and cash in the next step) 
. *********************************************
. 
.     egen miss = rmiss(con type lnsize lnage lnplc br_*  east $respond comp famcom group kapint rating $legal wb_b um profit)

.     drop if miss > 0      
(571 observations deleted)

. 
. 
. ******************************
. * inno capability
. ******************************
.     
.     sum bhsp, d

      Anteil Beschaeftigte mit Hochschulabschluss 2006
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                2466
25%            4              0       Sum of Wgt.        2466

50%           10                      Mean            14.5744
                        Largest       Std. Dev.      17.26172
75%         19.5            100
90%           35            100       Variance        297.967
95%           50            100       Skewness       2.382543
99%           88            100       Kurtosis        9.61724

.     egen pablo = pctile(bhsp), p(80)  

.     
.     sum wb_b,d

                            wb_b
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                2468
25%     .0024477              0       Sum of Wgt.        2468

50%     .0070609                      Mean           .0171099
                        Largest       Std. Dev.      .0798385
75%     .0144139           1.36
90%      .028609       1.780992       Variance       .0063742
95%     .0491459       1.803279       Skewness        19.1852
99%     .1481481       2.115541       Kurtosis       430.9415

.     egen train = pctile(wb_b), p(80) 

.     
.     gen innocap = 0

.     replace innocap = 1 if (bhsp > pablo & bhsp !=.) | (wb_b > train & wb_b !=.) 
(813 real changes made)

. 
.     label var innocap "firms with high innovative capabilities (B)"     

. 
.     gen b0 = 0

.     replace b0 = 1 if innocap == 0
(1655 real changes made)

.     gen b1 = 0

.     replace b1 = 1 if innocap == 1
(813 real changes made)

. 
.     label var b0 "0 if firm has low innovative capabilities"     

.     label var b1 "1 if firm has high innovative capabilities"     

. 
. 
. ******************************
. * 3 profitability classes 
. ******************************
. 
.     gen M=.
(2468 missing values generated)

.     replace M=1 if profit==1
(272 real changes made)

.     replace M=2 if profit>1 & profit<5
(1505 real changes made)

.     replace M=3 if profit>=5 & profit!=8 & profit!=.
(691 real changes made)

.     
.     gen m0 = 0

.     replace m0 = 1 if profit==1
(272 real changes made)

.     gen m1 = 0

.     replace m1 = 1 if profit>1 & profit<5
(1505 real changes made)

.     gen m2 = 0

.     replace m2 = 1 if profit>=5 & profit!=8 & profit!=.
(691 real changes made)

. 
. 
. *****************************************************
. * 6 interaction terms between money (M) and brain (B) 
. *****************************************************
.     
.     gen b1m0=1 if innocap==1 & profit==1
(2371 missing values generated)

.     replace b1m0=0 if b1m0==.
(2371 real changes made)

.     gen b1m1=1 if innocap==1 & profit>1 & profit<5
(2024 missing values generated)

.     replace b1m1=0 if b1m1==.
(2024 real changes made)

.     gen b1m2=1 if innocap==1 & profit>=5 & profit!=8 & profit!=.
(2196 missing values generated)

.     replace b1m2=0 if b1m2==.
(2196 real changes made)

.     gen b0m0=1 if innocap==0 & profit==1
(2293 missing values generated)

.     replace b0m0=0 if b0m0==.
(2293 real changes made)

.     gen b0m1=1 if innocap==0 & profit>1 & profit<5
(1407 missing values generated)

.     replace b0m1=0 if b0m1==.
(1407 real changes made)

.     gen b0m2=1 if innocap==0 & profit>=5 & profit!=8 & profit!=.
(2049 missing values generated)

.     replace b0m2=0 if b0m2==.
(2049 real changes made)

.     
.     label var b1m0 "BHML: high inno cap, low fin. resources"

.     label var b1m1 "BHMM: high inno cap, medium fin. resources"

.     label var b1m2 "BHMH: high inno cap, high fin. resources"

.     label var b0m0 "BLML: low inno cap, low fin. resources"

.     label var b0m1 "BLMM: low inno cap, medium fin. resources"

.     label var b0m2 "BLMH: low inno cap, high fin. resources"

.     
.     global BM6 "b1m0 b1m1 b1m2 b0m0 b0m1 b0m2"

.     global BM "b1m0 b1m1 b1m2 b0m0 b0m1"

. 
. 
.     gen B1 = 1 == b1m0 ==1 | b1m1 ==1 | b1m2 ==1

.     tab B1

         B1 |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |      1,655       67.06       67.06
          1 |        813       32.94      100.00
------------+-----------------------------------
      Total |      2,468      100.00

.     gen M0 = 1 == b1m0 ==1 | b0m0 ==1 

.     tab M0

         M0 |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |      2,196       88.98       88.98
          1 |        272       11.02      100.00
------------+-----------------------------------
      Total |      2,468      100.00

. 
. 
. 
. *******************************************
. * CASH
. *******************************************
. 
. * amount of cash
. 
.     gen cash=0.1*um

.     gen lncash=log(cash)

.     gen lncash2=log(cash)^2

.     gen lncash3=log(cash)^3

.     
.     sum cash, d

                            cash
-------------------------------------------------------------
      Percentiles      Smallest
 1%        .0156          .0018
 5%         .037           .003
10%        .0575       .0050539       Obs                2468
25%        .1445           .007       Sum of Wgt.        2468

50%         .611                      Mean           10.12034
                        Largest       Std. Dev.      104.7167
75%          2.7           1070
90%       9.5258         1091.9       Variance        10965.6
95%      22.1259           1274       Skewness       32.63213
99%        168.5         4425.6       Kurtosis       1303.585

.     
.     label var cash "Size of hypothetical payment (CASH)"

.     label var lncash "log Size of hypothetical payment (lnCASH)"

. 
. 
. * cash classes
.     
.     cap drop hv*    

.     egen hv1 = pctile(lncash), p(20)

.     egen hv2 = pctile(lncash), p(40)

.     egen hv3 = pctile(lncash), p(60)

.     egen hv4 = pctile(lncash), p(80)

.         
.     gen lncashc = 0

.     replace lncashc = 1 if lncash < hv1
(489 real changes made)

.     replace lncashc = 2 if lncash >= hv1 & lncash < hv2
(495 real changes made)

.     replace lncashc = 3 if lncash >= hv2 & lncash < hv3
(496 real changes made)

.     replace lncashc = 4 if lncash >= hv3 & lncash < hv4
(493 real changes made)

.     replace lncashc = 5 if lncash >= hv4 & lncash != .
(495 real changes made)

.     
.     drop hv*

.     drop if lncashc == 0
(0 observations deleted)

.     tab lncashc, gen(lncashc_)

    lncashc |      Freq.     Percent        Cum.
------------+-----------------------------------
          1 |        489       19.81       19.81
          2 |        495       20.06       39.87
          3 |        496       20.10       59.97
          4 |        493       19.98       79.94
          5 |        495       20.06      100.00
------------+-----------------------------------
      Total |      2,468      100.00

. 
.     label var lncashc_1 "Hypothetical payment, below 0.2 pctile"

.     label var lncashc_2 "Hypothetical payment, between 0.2 and 0.4 pctile"

.     label var lncashc_3 "Hypothetical payment, between 0.4 and 0.6 pctile"

.     label var lncashc_4 "Hypothetical payment, between 0.6 and 0.8 pctile"

.     label var lncashc_5 "Hypothetical payment, above 0.8 pctile"

.   
.     global cashclasses5 "lncashc_1 lncashc_2 lncashc_3 lncashc_4 lncashc_5"

.     global cashclasses "lncashc_2 lncashc_3 lncashc_4 lncashc_5"

. 
. 
. *******************************************
. * for robustness checks 
. *******************************************
. 
. ** export intensity
. 
.     gen exint=(ex/um)*100

.     gen l1exint=(L1ex/L1um)*100
(126 missing values generated)

.     gen L1exint=(L1ex/L1um)*100
(126 missing values generated)

.     cap drop hv

.     egen hv=mean(L1exint), by(br gk)

.     replace L1exint=hv if L1exint==.
(126 real changes made)

.     sum exint l1exint L1exint,d

                            exint
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                2468
25%            0              0       Sum of Wgt.        2468

50%     4.667964                      Mean           19.01992
                        Largest       Std. Dev.      25.69173
75%     33.37719            100
90%     62.70605            100       Variance       660.0651
95%     74.81297            100       Skewness       1.271797
99%     92.00905            100       Kurtosis        3.47702

                           l1exint
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                2342
25%            0              0       Sum of Wgt.        2342

50%     4.549767                      Mean           18.70646
                        Largest       Std. Dev.      25.29723
75%     31.92162            100
90%     61.53846            100       Variance       639.9499
95%     73.53891            100       Skewness        1.29002
99%     90.37168            100       Kurtosis       3.546133

                           L1exint
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                2468
25%            0              0       Sum of Wgt.        2468

50%     5.052243                      Mean           18.62047
                        Largest       Std. Dev.      24.87174
75%     31.16584            100
90%           60            100       Variance       618.6033
95%     73.25581            100       Skewness        1.30412
99%     90.00001            100       Kurtosis       3.638597

. 
.     label var exint "export intensity 2006"

.     label var l1exint "export intensity 2005"

.     label var L1exint "export intensity 2005, incl. imputed values"

.     
.     
. ** assets (in logs)
. 
.     * log assets beginning of 2006
.     gen lnassets = log(sv+0.0001)

.     gen lnassets2 = lnassets^2

.     sum lna*

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      lnalt2 |      2468    8.498118    4.200891    .480453   40.72758
      lnalt3 |      2468    27.00792    19.99161   .3330247   259.9159
       lnage |      2468     2.81865    .7440139   .6931472   6.381816
    lnassets |      2468    .0175635      2.9288   -9.21034   10.49374
   lnassets2 |      2468    8.574702    17.41839   1.00e-08   110.1186

. 
. 
.     * log assets beginning of 2005
.     gen llnassets = log(L1sv+0.000001)

.     gen llnassets2 =  log(L1sv+0.000001)^2

.     sum llna*

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
   llnassets |      2468   -.3224272    3.773817  -13.81551   10.44924
  llnassets2 |      2468    14.33988    40.22915   1.00e-12   190.8683

. 
. 
. ** innovation expenditure (in logs)
. 
.     gen lniages = ln(iages + 0.000001)

.  
. 
. ** R&D employee intensity 
. 
.     gen fuebp = fueb/size if size !=.
(68 missing values generated)

.     sum fueb*

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        fueb |      2400    17.02112    176.8344          0       6000
       fuebp |      2400    .0504637    .1157542          0          1

.     label var fuebp "R&D employee intensity "

. 
. 
. ** Rating classes
. 
.     sum L1bonitaet, d

                         L1bonitaet
-------------------------------------------------------------
      Percentiles      Smallest
 1%         1.17              1
 5%         1.54              1
10%         1.72              1       Obs                2468
25%         1.96              1       Sum of Wgt.        2468

50%          2.2                      Mean           2.279562
                        Largest       Std. Dev.      .6434623
75%          2.5              6
90%         2.77              6       Variance       .4140437
95%         3.02              6       Skewness       3.054354
99%            6              6       Kurtosis       18.21177

.     drop bonic bonic_*

.     
.     egen hv1 = pctile(L1bonitaet), p(20)

.     egen hv2 = pctile(L1bonitaet), p(40)

.     egen hv3 = pctile(L1bonitaet), p(60)

.     egen hv4 = pctile(L1bonitaet), p(80)

.     
.     gen bonic = 0

.     replace bonic = 1 if L1bonitaet < hv1
(481 real changes made)

.     replace bonic = 2 if L1bonitaet >= hv1 & L1bonitaet < hv2
(505 real changes made)

.     replace bonic = 3 if L1bonitaet >= hv2 & L1bonitaet < hv3
(483 real changes made)

.     replace bonic = 4 if L1bonitaet >= hv3 & L1bonitaet < hv4
(498 real changes made)

.     replace bonic = 5 if L1bonitaet >= hv4 & L1bonitaet!=.
(501 real changes made)

.     
.     sum L1boni*

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
  L1bonitaet |      2468    2.279562    .6434623          1          6

.     drop hv*

.     
.     tab bonic, gen(bonic_)

      bonic |      Freq.     Percent        Cum.
------------+-----------------------------------
          1 |        481       19.49       19.49
          2 |        505       20.46       39.95
          3 |        483       19.57       59.52
          4 |        498       20.18       79.70
          5 |        501       20.30      100.00
------------+-----------------------------------
      Total |      2,468      100.00

. 
. 
. *******************************************
. * cluster group variable
. *******************************************
.     
.     egen cls = group(br east)

. 
. 
. 
. 
. /*================================================================================*\ 
> |                   D E S C R I P T I V E    S T A T I S T I C S        
> \*================================================================================*/  
. 
. 
. *******************************************
. * TABLE II: Descriptive Statistics
. *******************************************
. 
. * overall sample   
.     sum con type $BM6 size age cash famcom group kapint rating plc east $respond5 $legal3 

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         con |      2468    .3594003    .4799219          0          1
        type |      2468    .3776337    .5211558          0          2
        b1m0 |      2468    .0393031    .1943545          0          1
        b1m1 |      2468    .1799028    .3841843          0          1
        b1m2 |      2468    .1102107    .3132157          0          1
-------------+--------------------------------------------------------
        b0m0 |      2468    .0709076    .2567225          0          1
        b0m1 |      2468    .4299028    .4951623          0          1
        b0m2 |      2468    .1697731    .3755094          0          1
        size |      2468    351.9958    2534.748          1      72900
         age |      2468    21.06524    21.55989          1        590
-------------+--------------------------------------------------------
        cash |      2468    10.12034    104.7167      .0018     4425.6
      famcom |      2468    .6657212    .4718333          0          1
       group |      2468    .3306321    .4705361          0          1
      kapint |      2468    .0887452    .3088847          0   8.588889
      rating |      2468    2.272885    .6528884          1          6
-------------+--------------------------------------------------------
         plc |      2468    18.81375    21.69545          1        300
        east |      2468    .3067261    .4612281          0          1
          gf |      2468      .64141    .4796837          0          1
     finance |      2468    .1568071    .3636925          0          1
          RD |      2468    .0623987    .2419273          0          1
-------------+--------------------------------------------------------
     kaufman |      2468     .076175    .2653317          0          1
       other |      2468    .0632091    .2433879          0          1
     private |      2468    .1227715    .3282412          0          1
      public |      2468    .0384927    .1924215          0          1
     limited |      2468    .8354943    .3708089          0          1

. 
. * by con    
.     for var $BM6 size age cash famcom group kapint rating plc east $respond5 $legal3: sum X if con == 0

->  sum b1m0 if con == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m0 |      1581    .0303605    .1716316          0          1

->  sum b1m1 if con == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m1 |      1581    .1593928    .3661578          0          1

->  sum b1m2 if con == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m2 |      1581    .0923466    .2896062          0          1

->  sum b0m0 if con == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m0 |      1581    .0733713    .2608275          0          1

->  sum b0m1 if con == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m1 |      1581    .4648956     .498924          0          1

->  sum b0m2 if con == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m2 |      1581    .1796331    .3840031          0          1

->  sum size if con == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        size |      1581    245.1964    1623.842          1      45958

->  sum age if con == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         age |      1581    20.97596    22.92615          1        590

->  sum cash if con == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        cash |      1581    6.910963     51.2329      .0018     1091.9

->  sum famcom if con == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      famcom |      1581    .6540164    .4758384          0          1

->  sum group if con == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       group |      1581    .3099304     .462611          0          1

->  sum kapint if con == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      kapint |      1581    .1085007     .374266          0   8.588889

->  sum rating if con == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      rating |      1581    2.296654    .6717746          1          6

->  sum plc if con == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         plc |      1581    20.25556    22.09871          1        300

->  sum east if con == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        east |      1581    .3232132    .4678513          0          1

->  sum gf if con == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
          gf |      1581    .6419987    .4795642          0          1

->  sum finance if con == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     finance |      1581    .1701455    .3758794          0          1

->  sum RD if con == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
          RD |      1581    .0468058    .2112895          0          1

->  sum kaufman if con == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     kaufman |      1581    .0784314    .2689343          0          1

->  sum other if con == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       other |      1581    .0626186    .2423523          0          1

->  sum private if con == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     private |      1581    .1454775    .3526932          0          1

->  sum public if con == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      public |      1581    .0379507    .1911374          0          1

->  sum limited if con == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     limited |      1581    .8121442    .3907206          0          1

.     for var $BM6 size age cash famcom group kapint rating plc east $respond5 $legal3: sum X if con == 1

->  sum b1m0 if con == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m0 |       887    .0552424    .2285817          0          1

->  sum b1m1 if con == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m1 |       887      .21646    .4120637          0          1

->  sum b1m2 if con == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m2 |       887    .1420519    .3493003          0          1

->  sum b0m0 if con == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m0 |       887    .0665163    .2493231          0          1

->  sum b0m1 if con == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m1 |       887     .367531    .4824047          0          1

->  sum b0m2 if con == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m2 |       887    .1521984    .3594158          0          1

->  sum size if con == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        size |       887    542.3563    3623.651          1      72900

->  sum age if con == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         age |       887    21.22435    18.89248          1        143

->  sum cash if con == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        cash |       887    15.84078    160.6266   .0050539     4425.6

->  sum famcom if con == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      famcom |       887     .686584    .4641436          0          1

->  sum group if con == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       group |       887     .367531    .4824047          0          1

->  sum kapint if con == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      kapint |       887    .0535327    .1180183          0     1.8042

->  sum rating if con == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      rating |       887    2.230519    .6158938          1          6

->  sum plc if con == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         plc |       887    16.24385    20.72217          1        250

->  sum east if con == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        east |       887    .2773393     .447938          0          1

->  sum gf if con == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
          gf |       887    .6403608    .4801654          0          1

->  sum finance if con == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     finance |       887    .1330327    .3398017          0          1

->  sum RD if con == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
          RD |       887    .0901917    .2866178          0          1

->  sum kaufman if con == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     kaufman |       887    .0721533    .2588876          0          1

->  sum other if con == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       other |       887    .0642616    .2453566          0          1

->  sum private if con == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     private |       887    .0822999    .2749761          0          1

->  sum public if con == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      public |       887    .0394589    .1947938          0          1

->  sum limited if con == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     limited |       887    .8771139    .3284917          0          1

.     for var $BM6 size age cash famcom group kapint rating plc east $respond5 $legal3: ttest X, by(con) 

->  ttest b1m0, by(con)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1581    .0303605    .0043165    .1716316    .0218939    .0388272
       1 |     887    .0552424     .007675    .2285817     .040179    .0703057
---------+--------------------------------------------------------------------
combined |    2468    .0393031    .0039122    .1943545    .0316315    .0469746
---------+--------------------------------------------------------------------
    diff |           -.0248819    .0081397               -.0408431   -.0089206
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -3.0569
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0011         Pr(|T| > |t|) = 0.0023          Pr(T > t) = 0.9989

->  ttest b1m1, by(con)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1581    .1593928    .0092088    .3661578    .1413301    .1774555
       1 |     887      .21646    .0138357    .4120637    .1893053    .2436146
---------+--------------------------------------------------------------------
combined |    2468    .1799028    .0077333    .3841843    .1647383    .1950673
---------+--------------------------------------------------------------------
    diff |           -.0570672    .0160793               -.0885974   -.0255369
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -3.5491
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0002         Pr(|T| > |t|) = 0.0004          Pr(T > t) = 0.9998

->  ttest b1m2, by(con)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1581    .0923466    .0072835    .2896062    .0780602     .106633
       1 |     887    .1420519    .0117284    .3493003    .1190333    .1650705
---------+--------------------------------------------------------------------
combined |    2468    .1102107    .0063048    .3132157    .0978475    .1225739
---------+--------------------------------------------------------------------
    diff |           -.0497052    .0131043               -.0754018   -.0240087
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -3.7931
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0001         Pr(|T| > |t|) = 0.0002          Pr(T > t) = 0.9999

->  ttest b0m0, by(con)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1581    .0733713    .0065598    .2608275    .0605046     .086238
       1 |     887    .0665163    .0083715    .2493231    .0500862    .0829465
---------+--------------------------------------------------------------------
combined |    2468    .0709076    .0051676    .2567225    .0607743     .081041
---------+--------------------------------------------------------------------
    diff |            .0068549    .0107711               -.0142664    .0279763
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   0.6364
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.7377         Pr(|T| > |t|) = 0.5246          Pr(T > t) = 0.2623

->  ttest b0m1, by(con)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1581    .4648956    .0125478     .498924    .4402835    .4895078
       1 |     887     .367531    .0161976    .4824047    .3357409    .3993211
---------+--------------------------------------------------------------------
combined |    2468    .4299028    .0099672    .4951623    .4103577    .4494478
---------+--------------------------------------------------------------------
    diff |            .0973646    .0206842                .0568045    .1379248
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   4.7072
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 1.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 0.0000

->  ttest b0m2, by(con)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1581    .1796331    .0096576    .3840031    .1606901    .1985762
       1 |     887    .1521984     .012068    .3594158    .1285132    .1758836
---------+--------------------------------------------------------------------
combined |    2468    .1697731    .0075587    .3755094     .154951    .1845952
---------+--------------------------------------------------------------------
    diff |            .0274347    .0157466               -.0034432    .0583126
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   1.7423
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9592         Pr(|T| > |t|) = 0.0816          Pr(T > t) = 0.0408

->  ttest size, by(con)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1581    245.1964    40.83927    1623.842    165.0916    325.3013
       1 |     887    542.3563    121.6703    3623.651    303.5607    781.1519
---------+--------------------------------------------------------------------
combined |    2468    351.9958    51.02257    2534.748    251.9443    452.0472
---------+--------------------------------------------------------------------
    diff |           -297.1598    106.1889               -505.3885   -88.93114
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -2.7984
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0026         Pr(|T| > |t|) = 0.0052          Pr(T > t) = 0.9974

->  ttest age, by(con)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1581    20.97596    .5765874    22.92615    19.84501    22.10692
       1 |     887    21.22435    .6343475    18.89248    19.97935    22.46935
---------+--------------------------------------------------------------------
combined |    2468    21.06524    .4339842    21.55989    20.21422    21.91625
---------+--------------------------------------------------------------------
    diff |           -.2483872    .9046336               -2.022307    1.525533
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -0.2746
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.3918         Pr(|T| > |t|) = 0.7837          Pr(T > t) = 0.6082

->  ttest cash, by(con)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1581    6.910963    1.288496     51.2329    4.383621    9.438304
       1 |     887    15.84078    5.393315    160.6266    5.255614    26.42594
---------+--------------------------------------------------------------------
combined |    2468    10.12034    2.107869    104.7167    5.986966    14.25372
---------+--------------------------------------------------------------------
    diff |           -8.929815    4.390207               -17.53869    -.320942
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -2.0340
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0210         Pr(|T| > |t|) = 0.0421          Pr(T > t) = 0.9790

->  ttest famcom, by(con)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1581    .6540164    .0119672    .4758384    .6305431    .6774898
       1 |     887     .686584    .0155844    .4641436    .6559973    .7171707
---------+--------------------------------------------------------------------
combined |    2468    .6657212    .0094976    .4718333     .647097    .6843454
---------+--------------------------------------------------------------------
    diff |           -.0325675    .0197871               -.0713687    .0062336
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -1.6459
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0500         Pr(|T| > |t|) = 0.0999          Pr(T > t) = 0.9500

->  ttest group, by(con)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1581    .3099304    .0116346     .462611    .2871096    .3327512
       1 |     887     .367531    .0161976    .4824047    .3357409    .3993211
---------+--------------------------------------------------------------------
combined |    2468    .3306321    .0094715    .4705361    .3120591    .3492051
---------+--------------------------------------------------------------------
    diff |           -.0576006    .0197095               -.0962494   -.0189518
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -2.9225
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0018         Pr(|T| > |t|) = 0.0035          Pr(T > t) = 0.9982

->  ttest kapint, by(con)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1581    .1085007    .0094127     .374266     .090038    .1269634
       1 |     887    .0535327    .0039627    .1180183    .0457554      .06131
---------+--------------------------------------------------------------------
combined |    2468    .0887452    .0062176    .3088847    .0765529    .1009375
---------+--------------------------------------------------------------------
    diff |             .054968    .0129134                .0296458    .0802902
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   4.2567
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 1.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 0.0000

->  ttest rating, by(con)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1581    2.296654     .016895    .6717746    2.263515    2.329793
       1 |     887    2.230519    .0206797    .6158938    2.189932    2.271105
---------+--------------------------------------------------------------------
combined |    2468    2.272885    .0131421    .6528884    2.247114    2.298656
---------+--------------------------------------------------------------------
    diff |            .0661354    .0273626                .0124793    .1197915
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   2.4170
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9921         Pr(|T| > |t|) = 0.0157          Pr(T > t) = 0.0079

->  ttest plc, by(con)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1581    20.25556    .5557777    22.09871    19.16542     21.3457
       1 |     887    16.24385    .6957824    20.72217    14.87827    17.60942
---------+--------------------------------------------------------------------
combined |    2468    18.81375     .436713    21.69545    17.95739    19.67011
---------+--------------------------------------------------------------------
    diff |            4.011717     .906744                2.233658    5.789775
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   4.4243
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 1.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 0.0000

->  ttest east, by(con)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1581    .3232132    .0117664    .4678513    .3001338    .3462925
       1 |     887    .2773393    .0150403     .447938    .2478206    .3068581
---------+--------------------------------------------------------------------
combined |    2468    .3067261    .0092842    .4612281    .2885205    .3249317
---------+--------------------------------------------------------------------
    diff |            .0458738     .019331                .0079672    .0837804
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   2.3731
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9911         Pr(|T| > |t|) = 0.0177          Pr(T > t) = 0.0089

->  ttest gf, by(con)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1581    .6419987    .0120609    .4795642    .6183416    .6656558
       1 |     887    .6403608    .0161224    .4801654    .6087183    .6720033
---------+--------------------------------------------------------------------
combined |    2468      .64141    .0096557    .4796837     .622476    .6603441
---------+--------------------------------------------------------------------
    diff |             .001638    .0201274               -.0378303    .0411063
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   0.0814
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.5324         Pr(|T| > |t|) = 0.9351          Pr(T > t) = 0.4676

->  ttest finance, by(con)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1581    .1701455    .0094533    .3758794    .1516032    .1886878
       1 |     887    .1330327    .0114094    .3398017      .11064    .1554253
---------+--------------------------------------------------------------------
combined |    2468    .1568071    .0073209    .3636925    .1424515    .1711628
---------+--------------------------------------------------------------------
    diff |            .0371128    .0152421                .0072241    .0670015
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   2.4349
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9925         Pr(|T| > |t|) = 0.0150          Pr(T > t) = 0.0075

->  ttest RD, by(con)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1581    .0468058    .0053139    .2112895    .0363828    .0572288
       1 |     887    .0901917    .0096237    .2866178    .0713038    .1090795
---------+--------------------------------------------------------------------
combined |    2468    .0623987    .0048698    .2419273    .0528494     .071948
---------+--------------------------------------------------------------------
    diff |           -.0433858    .0101135               -.0632177   -.0235539
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -4.2899
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

->  ttest kaufman, by(con)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1581    .0784314    .0067636    .2689343    .0651647     .091698
       1 |     887    .0721533    .0086926    .2588876    .0550928    .0892138
---------+--------------------------------------------------------------------
combined |    2468     .076175    .0053409    .2653317    .0657019    .0866482
---------+--------------------------------------------------------------------
    diff |             .006278    .0111325                -.015552    .0281081
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   0.5639
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.7136         Pr(|T| > |t|) = 0.5728          Pr(T > t) = 0.2864

->  ttest other, by(con)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1581    .0626186    .0060951    .2423523    .0506632    .0745739
       1 |     887    .0642616    .0082383    .2453566    .0480928    .0804304
---------+--------------------------------------------------------------------
combined |    2468    .0632091    .0048992    .2433879    .0536021    .0728161
---------+--------------------------------------------------------------------
    diff |            -.001643    .0102124               -.0216688    .0183829
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -0.1609
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.4361         Pr(|T| > |t|) = 0.8722          Pr(T > t) = 0.5639

->  ttest private, by(con)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1581    .1454775    .0088702    .3526932     .128079    .1628761
       1 |     887    .0822999    .0092328    .2749761    .0641792    .1004206
---------+--------------------------------------------------------------------
combined |    2468    .1227715    .0066072    .3282412    .1098152    .1357278
---------+--------------------------------------------------------------------
    diff |            .0631777     .013714                .0362854    .0900699
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   4.6068
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 1.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 0.0000

->  ttest public, by(con)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1581    .0379507    .0048071    .1911374    .0285218    .0473796
       1 |     887    .0394589    .0065405    .1947938    .0266221    .0522956
---------+--------------------------------------------------------------------
combined |    2468    .0384927    .0038733    .1924215    .0308975     .046088
---------+--------------------------------------------------------------------
    diff |           -.0015082    .0080739               -.0173405    .0143241
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -0.1868
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.4259         Pr(|T| > |t|) = 0.8518          Pr(T > t) = 0.5741

->  ttest limited, by(con)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1581    .8121442    .0098265    .3907206    .7928698    .8314186
       1 |     887    .8771139    .0110297    .3284917    .8554665    .8987612
---------+--------------------------------------------------------------------
combined |    2468    .8354943    .0074641    .3708089    .8208578    .8501309
---------+--------------------------------------------------------------------
    diff |           -.0649697    .0155039               -.0953718   -.0345676
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -4.1905
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

. 
. * by type (not reported)
.     for var $BM6 size age cash famcom group kapint rating plc east $respond5 $legal3: sum X if type == 0

->  sum b1m0 if type == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m0 |      1581    .0303605    .1716316          0          1

->  sum b1m1 if type == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m1 |      1581    .1593928    .3661578          0          1

->  sum b1m2 if type == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m2 |      1581    .0923466    .2896062          0          1

->  sum b0m0 if type == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m0 |      1581    .0733713    .2608275          0          1

->  sum b0m1 if type == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m1 |      1581    .4648956     .498924          0          1

->  sum b0m2 if type == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m2 |      1581    .1796331    .3840031          0          1

->  sum size if type == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        size |      1581    245.1964    1623.842          1      45958

->  sum age if type == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         age |      1581    20.97596    22.92615          1        590

->  sum cash if type == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        cash |      1581    6.910963     51.2329      .0018     1091.9

->  sum famcom if type == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      famcom |      1581    .6540164    .4758384          0          1

->  sum group if type == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       group |      1581    .3099304     .462611          0          1

->  sum kapint if type == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      kapint |      1581    .1085007     .374266          0   8.588889

->  sum rating if type == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      rating |      1581    2.296654    .6717746          1          6

->  sum plc if type == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         plc |      1581    20.25556    22.09871          1        300

->  sum east if type == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        east |      1581    .3232132    .4678513          0          1

->  sum gf if type == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
          gf |      1581    .6419987    .4795642          0          1

->  sum finance if type == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     finance |      1581    .1701455    .3758794          0          1

->  sum RD if type == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
          RD |      1581    .0468058    .2112895          0          1

->  sum kaufman if type == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     kaufman |      1581    .0784314    .2689343          0          1

->  sum other if type == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       other |      1581    .0626186    .2423523          0          1

->  sum private if type == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     private |      1581    .1454775    .3526932          0          1

->  sum public if type == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      public |      1581    .0379507    .1911374          0          1

->  sum limited if type == 0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     limited |      1581    .8121442    .3907206          0          1

.     for var $BM6 size age cash famcom group kapint rating plc east $respond5 $legal3: sum X if type == 1

->  sum b1m0 if type == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m0 |       842    .0522565    .2226762          0          1

->  sum b1m1 if type == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m1 |       842    .2114014    .4085451          0          1

->  sum b1m2 if type == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m2 |       842    .1330166    .3397945          0          1

->  sum b0m0 if type == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m0 |       842    .0700713    .2554188          0          1

->  sum b0m1 if type == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m1 |       842    .3752969    .4844873          0          1

->  sum b0m2 if type == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m2 |       842    .1579572    .3649177          0          1

->  sum size if type == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        size |       842    563.9964    3717.616          1      72900

->  sum age if type == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         age |       842    21.24228    19.15133          1        143

->  sum cash if type == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        cash |       842    16.48108    164.8348   .0050539     4425.6

->  sum famcom if type == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      famcom |       842    .6912114    .4622683          0          1

->  sum group if type == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       group |       842    .3598575    .4802437          0          1

->  sum kapint if type == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      kapint |       842    .0545426    .1207246          0     1.8042

->  sum rating if type == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      rating |       842    2.223337    .5999388          1          6

->  sum plc if type == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         plc |       842    16.42228    21.02417          1        250

->  sum east if type == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        east |       842    .2826603    .4505603          0          1

->  sum gf if type == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
          gf |       842    .6365796    .4812703          0          1

->  sum finance if type == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     finance |       842    .1389549     .346105          0          1

->  sum RD if type == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
          RD |       842    .0902613     .286726          0          1

->  sum kaufman if type == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     kaufman |       842    .0724466    .2593799          0          1

->  sum other if type == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       other |       842    .0617577    .2408581          0          1

->  sum private if type == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     private |       842    .0855107    .2798064          0          1

->  sum public if type == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      public |       842      .04038    .1969659          0          1

->  sum limited if type == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     limited |       842    .8729216    .3332587          0          1

.     for var $BM6 size age cash famcom group kapint rating plc east $respond5 $legal3: sum X if type == 2

->  sum b1m0 if type == 2

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m0 |        45    .1111111    .3178209          0          1

->  sum b1m1 if type == 2

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m1 |        45    .3111111    .4681794          0          1

->  sum b1m2 if type == 2

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m2 |        45    .3111111    .4681794          0          1

->  sum b0m0 if type == 2

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m0 |        45           0           0          0          0

->  sum b0m1 if type == 2

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m1 |        45    .2222222    .4204375          0          1

->  sum b0m2 if type == 2

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m2 |        45    .0444444    .2084091          0          1

->  sum size if type == 2

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        size |        45    137.4444    260.1372          3       1300

->  sum age if type == 2

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         age |        45    20.88889    13.29255          3         57

->  sum cash if type == 2

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        cash |        45    3.859942    7.391766       .011         40

->  sum famcom if type == 2

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      famcom |        45          .6    .4954337          0          1

->  sum group if type == 2

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       group |        45    .5111111     .505525          0          1

->  sum kapint if type == 2

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      kapint |        45    .0346367    .0388631          0   .1888572

->  sum rating if type == 2

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      rating |        45    2.364889    .8598087        1.5          6

->  sum plc if type == 2

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         plc |        45    12.90512    13.64507          2         80

->  sum east if type == 2

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        east |        45    .1777778    .3866458          0          1

->  sum gf if type == 2

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
          gf |        45    .7111111    .4583678          0          1

->  sum finance if type == 2

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     finance |        45    .0222222    .1490712          0          1

->  sum RD if type == 2

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
          RD |        45    .0888889     .287799          0          1

->  sum kaufman if type == 2

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     kaufman |        45    .0666667    .2522625          0          1

->  sum other if type == 2

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       other |        45    .1111111    .3178209          0          1

->  sum private if type == 2

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     private |        45    .0222222    .1490712          0          1

->  sum public if type == 2

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      public |        45    .0222222    .1490712          0          1

->  sum limited if type == 2

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     limited |        45    .9555556    .2084091          0          1

.     cap drop hv

.     gen hv = 0

.     replace hv = 1 if type == 2 
(45 real changes made)

.     tab hv

         hv |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |      2,423       98.18       98.18
          1 |         45        1.82      100.00
------------+-----------------------------------
      Total |      2,468      100.00

.     for var $BM6 size age cash famcom group kapint rating plc east $respond5 $legal3: ttest X, by(hv) 

->  ttest b1m0, by(hv)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2423    .0379695    .0038835    .1911619    .0303541    .0455848
       1 |      45    .1111111    .0473779    .3178209    .0156272    .2065951
---------+--------------------------------------------------------------------
combined |    2468    .0393031    .0039122    .1943545    .0316315    .0469746
---------+--------------------------------------------------------------------
    diff |           -.0731417    .0292093               -.1304189   -.0158644
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -2.5041
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0062         Pr(|T| > |t|) = 0.0123          Pr(T > t) = 0.9938

->  ttest b1m1, by(hv)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2423     .177466    .0077633    .3821414    .1622425    .1926894
       1 |      45    .3111111    .0697921    .4681794    .1704545    .4517678
---------+--------------------------------------------------------------------
combined |    2468    .1799028    .0077333    .3841843    .1647383    .1950673
---------+--------------------------------------------------------------------
    diff |           -.1336452    .0577492               -.2468871   -.0204032
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -2.3142
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0104         Pr(|T| > |t|) = 0.0207          Pr(T > t) = 0.9896

->  ttest b1m2, by(hv)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2423    .1064796    .0062676    .3085141    .0941892    .1187699
       1 |      45    .3111111    .0697921    .4681794    .1704545    .4517678
---------+--------------------------------------------------------------------
combined |    2468    .1102107    .0063048    .3132157    .0978475    .1225739
---------+--------------------------------------------------------------------
    diff |           -.2046315    .0469521               -.2967011   -.1125619
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -4.3583
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

->  ttest b0m0, by(hv)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2423    .0722245    .0052599    .2589127    .0619102    .0825389
       1 |      45           0           0           0           0           0
---------+--------------------------------------------------------------------
combined |    2468    .0709076    .0051676    .2567225    .0607743     .081041
---------+--------------------------------------------------------------------
    diff |            .0722245    .0386041               -.0034753    .1479243
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   1.8709
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9693         Pr(|T| > |t|) = 0.0615          Pr(T > t) = 0.0307

->  ttest b0m1, by(hv)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2423    .4337598    .0100702    .4956951    .4140127    .4535069
       1 |      45    .2222222    .0626751    .4204375    .0959088    .3485356
---------+--------------------------------------------------------------------
combined |    2468    .4299028    .0099672    .4951623    .4103577    .4494478
---------+--------------------------------------------------------------------
    diff |            .2115376      .07439                .0656643    .3574108
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   2.8436
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9978         Pr(|T| > |t|) = 0.0045          Pr(T > t) = 0.0022

->  ttest b0m2, by(hv)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2423    .1721007      .00767    .3775459    .1570603    .1871411
       1 |      45    .0444444    .0310678    .2084091   -.0181686    .1070575
---------+--------------------------------------------------------------------
combined |    2468    .1697731    .0075587    .3755094     .154951    .1845952
---------+--------------------------------------------------------------------
    diff |            .1276563     .056448                .0169659    .2383466
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   2.2615
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9881         Pr(|T| > |t|) = 0.0238          Pr(T > t) = 0.0119

->  ttest size, by(hv)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2423    355.9804    51.96201    2557.777    254.0858     457.875
       1 |      45    137.4444    38.77896    260.1372    59.29059    215.5983
---------+--------------------------------------------------------------------
combined |    2468    351.9958    51.02257    2534.748    251.9443    452.0472
---------+--------------------------------------------------------------------
    diff |             218.536    381.4026               -529.3664    966.4384
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   0.5730
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.7166         Pr(|T| > |t|) = 0.5667          Pr(T > t) = 0.2834

->  ttest age, by(hv)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2423    21.06851    .4405445    21.68535    20.20463    21.93239
       1 |      45    20.88889    1.981537    13.29255    16.89536    24.88241
---------+--------------------------------------------------------------------
combined |    2468    21.06524    .4339842    21.55989    20.21422    21.91625
---------+--------------------------------------------------------------------
    diff |            .1796212    3.244321               -6.182254    6.541497
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   0.0554
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.5221         Pr(|T| > |t|) = 0.9559          Pr(T > t) = 0.4779

->  ttest cash, by(hv)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2423    10.23661    2.146857    105.6769    6.026742    14.44648
       1 |      45    3.859942    1.101899    7.391766     1.63921    6.080675
---------+--------------------------------------------------------------------
combined |    2468    10.12034    2.107869    104.7167    5.986966    14.25372
---------+--------------------------------------------------------------------
    diff |            6.376667    15.75721               -24.52206     37.2754
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   0.4047
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.6571         Pr(|T| > |t|) = 0.6857          Pr(T > t) = 0.3429

->  ttest famcom, by(hv)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2423    .6669418    .0095767    .4714044    .6481624    .6857212
       1 |      45          .6    .0738549    .4954337    .4511552    .7488448
---------+--------------------------------------------------------------------
combined |    2468    .6657212    .0094976    .4718333     .647097    .6843454
---------+--------------------------------------------------------------------
    diff |            .0669418    .0709885               -.0722614     .206145
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   0.9430
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.8271         Pr(|T| > |t|) = 0.3458          Pr(T > t) = 0.1729

->  ttest group, by(hv)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2423    .3272802    .0095343    .4693174     .308584    .3459765
       1 |      45    .5111111    .0753592     .505525    .3592346    .6629876
---------+--------------------------------------------------------------------
combined |    2468    .3306321    .0094715    .4705361    .3120591    .3492051
---------+--------------------------------------------------------------------
    diff |           -.1838309    .0707093               -.3224865   -.0451752
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -2.5998
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0047         Pr(|T| > |t|) = 0.0094          Pr(T > t) = 0.9953

->  ttest kapint, by(hv)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2423    .0897501    .0063304    .3116081    .0773365    .1021637
       1 |      45    .0346367    .0057934    .0388631    .0229609    .0463124
---------+--------------------------------------------------------------------
combined |    2468    .0887452    .0062176    .3088847    .0765529    .1009375
---------+--------------------------------------------------------------------
    diff |            .0551135    .0464676               -.0360061     .146233
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   1.1861
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.8821         Pr(|T| > |t|) = 0.2357          Pr(T > t) = 0.1179

->  ttest rating, by(hv)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2423    2.271176    .0131751    .6485312    2.245341    2.297012
       1 |      45    2.364889    .1281727    .8598087    2.106574    2.623204
---------+--------------------------------------------------------------------
combined |    2468    2.272885    .0131421    .6528884    2.247114    2.298656
---------+--------------------------------------------------------------------
    diff |           -.0937127    .0982283               -.2863311    .0989058
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -0.9540
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.1701         Pr(|T| > |t|) = 0.3402          Pr(T > t) = 0.8299

->  ttest plc, by(hv)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2423    18.92349    .4429457    21.80355    18.05489    19.79208
       1 |      45    12.90512    2.034087    13.64507    8.805683    17.00455
---------+--------------------------------------------------------------------
combined |    2468    18.81375     .436713    21.69545    17.95739    19.67011
---------+--------------------------------------------------------------------
    diff |            6.018369    3.262473               -.3790993    12.41584
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   1.8447
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9674         Pr(|T| > |t|) = 0.0652          Pr(T > t) = 0.0326

->  ttest east, by(hv)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2423    .3091209    .0093903    .4622265    .2907071    .3275347
       1 |      45    .1777778    .0576377    .3866458    .0616165     .293939
---------+--------------------------------------------------------------------
combined |    2468    .3067261    .0092842    .4612281    .2885205    .3249317
---------+--------------------------------------------------------------------
    diff |            .1313431     .069355               -.0046569    .2673432
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   1.8938
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9708         Pr(|T| > |t|) = 0.0584          Pr(T > t) = 0.0292

->  ttest gf, by(hv)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2423    .6401156    .0097527    .4800654    .6209911      .65924
       1 |      45    .7111111    .0683294    .4583678    .5734022      .84882
---------+--------------------------------------------------------------------
combined |    2468      .64141    .0096557    .4796837     .622476    .6603441
---------+--------------------------------------------------------------------
    diff |           -.0709956    .0721685               -.2125126    .0705215
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -0.9837
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.1627         Pr(|T| > |t|) = 0.3253          Pr(T > t) = 0.8373

->  ttest finance, by(hv)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2423    .1593066    .0074362    .3660373    .1447248    .1738885
       1 |      45    .0222222    .0222222    .1490712   -.0225637    .0670082
---------+--------------------------------------------------------------------
combined |    2468    .1568071    .0073209    .3636925    .1424515    .1711628
---------+--------------------------------------------------------------------
    diff |            .1370844    .0546586                .0299028     .244266
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   2.5080
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9939         Pr(|T| > |t|) = 0.0122          Pr(T > t) = 0.0061

->  ttest RD, by(hv)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2423    .0619067    .0048967    .2410358    .0523045    .0715089
       1 |      45    .0888889    .0429025     .287799    .0024245    .1753533
---------+--------------------------------------------------------------------
combined |    2468    .0623987    .0048698    .2419273    .0528494     .071948
---------+--------------------------------------------------------------------
    diff |           -.0269822    .0364011                -.098362    .0443977
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -0.7412
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.2293         Pr(|T| > |t|) = 0.4586          Pr(T > t) = 0.7707

->  ttest kaufman, by(hv)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2423    .0763516     .005396    .2656147    .0657703     .086933
       1 |      45    .0666667    .0376051    .2522625   -.0091214    .1424547
---------+--------------------------------------------------------------------
combined |    2468     .076175    .0053409    .2653317    .0657019    .0866482
---------+--------------------------------------------------------------------
    diff |             .009685    .0399265                -.068608     .087978
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   0.2426
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.5958         Pr(|T| > |t|) = 0.8084          Pr(T > t) = 0.4042

->  ttest other, by(hv)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2423    .0623194    .0049119    .2417847    .0526874    .0719515
       1 |      45    .1111111    .0473779    .3178209    .0156272    .2065951
---------+--------------------------------------------------------------------
combined |    2468    .0632091    .0048992    .2433879    .0536021    .0728161
---------+--------------------------------------------------------------------
    diff |           -.0487917    .0366117               -.1205846    .0230013
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -1.3327
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0914         Pr(|T| > |t|) = 0.1828          Pr(T > t) = 0.9086

->  ttest private, by(hv)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2423    .1246389    .0067117    .3303772    .1114776    .1378002
       1 |      45    .0222222    .0222222    .1490712   -.0225637    .0670082
---------+--------------------------------------------------------------------
combined |    2468    .1227715    .0066072    .3282412    .1098152    .1357278
---------+--------------------------------------------------------------------
    diff |            .1024167    .0493505                .0056439    .1991894
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   2.0753
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9810         Pr(|T| > |t|) = 0.0381          Pr(T > t) = 0.0190

->  ttest public, by(hv)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2423    .0387949    .0039238    .1931456    .0311005    .0464893
       1 |      45    .0222222    .0222222    .1490712   -.0225637    .0670082
---------+--------------------------------------------------------------------
combined |    2468    .0384927    .0038733    .1924215    .0308975     .046088
---------+--------------------------------------------------------------------
    diff |            .0165727    .0289536               -.0402032    .0733485
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   0.5724
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.7164         Pr(|T| > |t|) = 0.5671          Pr(T > t) = 0.2836

->  ttest limited, by(hv)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2423    .8332645    .0075739    .3728164    .8184126    .8481165
       1 |      45    .9555556    .0310678    .2084091    .8929425    1.018169
---------+--------------------------------------------------------------------
combined |    2468    .8354943    .0074641    .3708089    .8208578    .8501309
---------+--------------------------------------------------------------------
    diff |            -.122291    .0557448               -.2316025   -.0129795
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -2.1938
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0142         Pr(|T| > |t|) = 0.0283          Pr(T > t) = 0.9858

.     
. 
. * by firms with high/low innovation capacity (not reported)
.     for var $BM6 size age cash famcom group kapint rating plc east $respond5 $legal3: ttest X, by(B1) 

->  ttest b1m0, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655           0           0           0           0           0
       1 |     813    .1193112    .0113756    .3243539    .0969822    .1416402
---------+--------------------------------------------------------------------
combined |    2468    .0393031    .0039122    .1943545    .0316315    .0469746
---------+--------------------------------------------------------------------
    diff |           -.1193112    .0079713               -.1349423   -.1036801
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t = -14.9676
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

->  ttest b1m1, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655           0           0           0           0           0
       1 |     813    .5461255    .0174717    .4981744    .5118304    .5804206
---------+--------------------------------------------------------------------
combined |    2468    .1799028    .0077333    .3841843    .1647383    .1950673
---------+--------------------------------------------------------------------
    diff |           -.5461255    .0122431               -.5701333   -.5221177
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t = -44.6068
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

->  ttest b1m2, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655           0           0           0           0           0
       1 |     813    .3345633    .0165583     .472128    .3020613    .3670654
---------+--------------------------------------------------------------------
combined |    2468    .1102107    .0063048    .3132157    .0978475    .1225739
---------+--------------------------------------------------------------------
    diff |           -.3345633     .011603               -.3573159   -.3118108
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t = -28.8343
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

->  ttest b0m0, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    .1057402    .0075611    .3075977    .0909099    .1205705
       1 |     813           0           0           0           0           0
---------+--------------------------------------------------------------------
combined |    2468    .0709076    .0051676    .2567225    .0607743     .081041
---------+--------------------------------------------------------------------
    diff |            .1057402     .010789                .0845837    .1268967
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   9.8007
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 1.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 0.0000

->  ttest b0m1, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    .6410876    .0117947    .4798264    .6179536    .6642216
       1 |     813           0           0           0           0           0
---------+--------------------------------------------------------------------
combined |    2468    .4299028    .0099672    .4951623    .4103577    .4494478
---------+--------------------------------------------------------------------
    diff |            .6410876      .01683                .6080853      .67409
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  38.0920
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 1.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 0.0000

->  ttest b0m2, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    .2531722    .0106918    .4349602    .2322013    .2741431
       1 |     813           0           0           0           0           0
---------+--------------------------------------------------------------------
combined |    2468    .1697731    .0075587    .3755094     .154951    .1845952
---------+--------------------------------------------------------------------
    diff |            .2531722    .0152563                .2232557    .2830887
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  16.5946
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 1.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 0.0000

->  ttest size, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    347.0843    61.18217    2488.994    227.0817     467.087
       1 |     813    361.9938    92.13153    2626.961    181.1498    542.8379
---------+--------------------------------------------------------------------
combined |    2468    351.9958    51.02257    2534.748    251.9443    452.0472
---------+--------------------------------------------------------------------
    diff |           -14.90952    108.5799               -227.8268    198.0077
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -0.1373
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.4454         Pr(|T| > |t|) = 0.8908          Pr(T > t) = 0.5546

->  ttest age, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    21.84169    .5693141    23.16066    20.72504    22.95834
       1 |     813    19.48462    .6232982     17.7722    18.26116    20.70809
---------+--------------------------------------------------------------------
combined |    2468    21.06524    .4339842    21.55989    20.21422    21.91625
---------+--------------------------------------------------------------------
    diff |            2.357067    .9223346                .5484367    4.165697
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   2.5555
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9947         Pr(|T| > |t|) = 0.0107          Pr(T > t) = 0.0053

->  ttest cash, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    10.16582    2.909075    118.3461    4.459964    15.87168
       1 |     813    10.02776    2.426375    69.18359    5.265054    14.79047
---------+--------------------------------------------------------------------
combined |    2468    10.12034    2.107869    104.7167    5.986966    14.25372
---------+--------------------------------------------------------------------
    diff |            .1380608    4.485722               -8.658111    8.934232
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   0.0308
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.5123         Pr(|T| > |t|) = 0.9754          Pr(T > t) = 0.4877

->  ttest famcom, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    .6978852    .0112904    .4593135    .6757402    .7200302
       1 |     813     .600246    .0171903    .4901492    .5665034    .6339886
---------+--------------------------------------------------------------------
combined |    2468    .6657212    .0094976    .4718333     .647097    .6843454
---------+--------------------------------------------------------------------
    diff |            .0976392    .0201159                .0581933    .1370851
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   4.8538
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 1.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 0.0000

->  ttest group, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    .3250755    .0115173    .4685446    .3024854    .3476656
       1 |     813    .3419434    .0166468    .4746528    .3092676    .3746193
---------+--------------------------------------------------------------------
combined |    2468    .3306321    .0094715    .4705361    .3120591    .3492051
---------+--------------------------------------------------------------------
    diff |           -.0168679    .0201534               -.0563872    .0226514
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -0.8370
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.2013         Pr(|T| > |t|) = 0.4027          Pr(T > t) = 0.7987

->  ttest kapint, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655     .090517    .0082789    .3368004    .0742788    .1067553
       1 |     813    .0851384    .0085039    .2424717    .0684463    .1018306
---------+--------------------------------------------------------------------
combined |    2468    .0887452    .0062176    .3088847    .0765529    .1009375
---------+--------------------------------------------------------------------
    diff |            .0053786    .0132312               -.0205668    .0313239
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   0.4065
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.6578         Pr(|T| > |t|) = 0.6844          Pr(T > t) = 0.3422

->  ttest rating, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655     2.24603    .0155003     .630577    2.215628    2.276432
       1 |     813    2.327552    .0243149    .6932935    2.279825     2.37528
---------+--------------------------------------------------------------------
combined |    2468    2.272885    .0131421    .6528884    2.247114    2.298656
---------+--------------------------------------------------------------------
    diff |           -.0815221    .0279194               -.1362699   -.0267742
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -2.9199
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0018         Pr(|T| > |t|) = 0.0035          Pr(T > t) = 0.9982

->  ttest plc, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    19.35267    .5601461    22.78769      18.254    20.45134
       1 |     813    17.71669    .6750769    19.24857    16.39159    19.04179
---------+--------------------------------------------------------------------
combined |    2468    18.81375     .436713    21.69545    17.95739    19.67011
---------+--------------------------------------------------------------------
    diff |             1.63598    .9287781               -.1852852    3.457246
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   1.7614
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9609         Pr(|T| > |t|) = 0.0783          Pr(T > t) = 0.0391

->  ttest east, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    .2749245    .0109782    .4466112    .2533919    .2964571
       1 |     813    .3714637    .0169569    .4834935    .3381793    .4047482
---------+--------------------------------------------------------------------
combined |    2468    .3067261    .0092842    .4612281    .2885205    .3249317
---------+--------------------------------------------------------------------
    diff |           -.0965392    .0196616               -.1350943   -.0579842
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -4.9100
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

->  ttest gf, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    .6229607    .0119167    .4847914    .5995873    .6463341
       1 |     813    .6789668     .016384    .4671609    .6468067    .7111269
---------+--------------------------------------------------------------------
combined |    2468      .64141    .0096557    .4796837     .622476    .6603441
---------+--------------------------------------------------------------------
    diff |           -.0560061    .0205171               -.0962386   -.0157735
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -2.7297
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0032         Pr(|T| > |t|) = 0.0064          Pr(T > t) = 0.9968

->  ttest finance, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    .1734139    .0093093    .3787191    .1551546    .1916732
       1 |     813    .1230012    .0115259    .3286408    .1003771    .1456254
---------+--------------------------------------------------------------------
combined |    2468    .1568071    .0073209    .3636925    .1424515    .1711628
---------+--------------------------------------------------------------------
    diff |            .0504127    .0155463                .0199275    .0808978
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   3.2427
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9994         Pr(|T| > |t|) = 0.0012          Pr(T > t) = 0.0006

->  ttest RD, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    .0586103    .0057757    .2349648    .0472818    .0699387
       1 |     813    .0701107    .0089604    .2554907    .0525223    .0876991
---------+--------------------------------------------------------------------
combined |    2468    .0623987    .0048698    .2419273    .0528494     .071948
---------+--------------------------------------------------------------------
    diff |           -.0115004    .0103608               -.0318172    .0088163
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -1.1100
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.1336         Pr(|T| > |t|) = 0.2671          Pr(T > t) = 0.8664

->  ttest kaufman, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    .0761329    .0065211    .2652908    .0633424    .0889235
       1 |     813    .0762608    .0093142    .2655783    .0579779    .0945436
---------+--------------------------------------------------------------------
combined |    2468     .076175    .0053409    .2653317    .0657019    .0866482
---------+--------------------------------------------------------------------
    diff |           -.0001278    .0113659               -.0224156    .0221599
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -0.0112
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.4955         Pr(|T| > |t|) = 0.9910          Pr(T > t) = 0.5045

->  ttest other, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    .0688822    .0062271    .2533302    .0566683    .0810961
       1 |     813    .0516605    .0077675     .221477    .0364137    .0669073
---------+--------------------------------------------------------------------
combined |    2468    .0632091    .0048992    .2433879    .0536021    .0728161
---------+--------------------------------------------------------------------
    diff |            .0172217    .0104202               -.0032115    .0376549
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   1.6527
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9507         Pr(|T| > |t|) = 0.0985          Pr(T > t) = 0.0493

->  ttest private, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    .1293051    .0082504    .3356388    .1131229    .1454874
       1 |     813    .1094711    .0109571    .3124216    .0879635    .1309787
---------+--------------------------------------------------------------------
combined |    2468    .1227715    .0066072    .3282412    .1098152    .1357278
---------+--------------------------------------------------------------------
    diff |             .019834    .0140551                -.007727    .0473951
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   1.4112
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9208         Pr(|T| > |t|) = 0.1583          Pr(T > t) = 0.0792

->  ttest public, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    .0283988    .0040844    .1661595    .0203877    .0364099
       1 |     813    .0590406    .0082715    .2358457    .0428046    .0752766
---------+--------------------------------------------------------------------
combined |    2468    .0384927    .0038733    .1924215    .0308975     .046088
---------+--------------------------------------------------------------------
    diff |           -.0306418    .0082196               -.0467598   -.0145238
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -3.7279
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0001         Pr(|T| > |t|) = 0.0002          Pr(T > t) = 0.9999

->  ttest limited, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    .8392749    .0090308    .3673882    .8215619    .8569879
       1 |     813    .8277983    .0132496    .3777881    .8017908    .8538058
---------+--------------------------------------------------------------------
combined |    2468    .8354943    .0074641    .3708089    .8208578    .8501309
---------+--------------------------------------------------------------------
    diff |            .0114766    .0158826               -.0196679    .0426212
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   0.7226
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.7650         Pr(|T| > |t|) = 0.4700          Pr(T > t) = 0.2350

.     for var divers inno innoint fueint fuekon mneup fuebp M0 exint: ttest X, by(B1) 

->  ttest divers, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    1.963841    .0713467    2.902503    1.823902    2.103781
       1 |     813    1.983771    .0673558    1.920527    1.851559    2.115983
---------+--------------------------------------------------------------------
combined |    2468    1.970407    .0527307    2.619606    1.867006    2.073808
---------+--------------------------------------------------------------------
    diff |           -.0199301    .1122146               -.2399748    .2001146
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -0.1776
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.4295         Pr(|T| > |t|) = 0.8590          Pr(T > t) = 0.5705

->  ttest inno, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    .6332326    .0118498    .4820679    .6099905    .6564747
       1 |     813    .7859779    .0143932    .4103947    .7577257    .8142301
---------+--------------------------------------------------------------------
combined |    2468    .6835494    .0093638    .4651852    .6651877    .7019112
---------+--------------------------------------------------------------------
    diff |           -.1527452    .0196882               -.1913523   -.1141381
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -7.7582
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

->  ttest innoint, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    2.893244    .1617478    6.580175    2.575992    3.210496
       1 |     813    8.167004    .4742507    13.52238    7.236102    9.097906
---------+--------------------------------------------------------------------
combined |    2468    4.630508    .1965686    9.765328    4.245051    5.015964
---------+--------------------------------------------------------------------
    diff |            -5.27376    .4046095               -6.067169   -4.480351
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t = -13.0342
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

->  ttest fueint, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    1.003026    .0933872    3.799147    .8198568    1.186196
       1 |     813    3.883263     .265976    7.583815    3.361182    4.405345
---------+--------------------------------------------------------------------
combined |    2468    1.951824    .1110593    5.517314    1.734045    2.169603
---------+--------------------------------------------------------------------
    diff |           -2.880237    .2291163               -3.329517   -2.430957
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t = -12.5711
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

->  ttest fuekon, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1644    .5930657    .0191133    .7749741    .5555766    .6305547
       1 |     810    .7703704    .0257734    .7335243    .7197797     .820961
---------+--------------------------------------------------------------------
combined |    2454    .6515892    .0154618    .7659458    .6212697    .6819088
---------+--------------------------------------------------------------------
    diff |           -.1773047     .032692               -.2414114    -.113198
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -5.4235
Ho: diff = 0                                     degrees of freedom =     2452

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

->  ttest mneup, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1568    2.601001    .2252779    8.920549    2.159123    3.042879
       1 |     784    6.379181    .5335716    14.94001    5.331781    7.426581
---------+--------------------------------------------------------------------
combined |    2352    3.860394    .2355979    11.42589    3.398393    4.322396
---------+--------------------------------------------------------------------
    diff |            -3.77818    .4937718               -4.746454   -2.809906
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -7.6517
Ho: diff = 0                                     degrees of freedom =     2350

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

->  ttest fuebp, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1608    .0250627    .0017072    .0684575    .0217142    .0284112
       1 |     792    .1020354    .0058541     .164748     .090544    .1135267
---------+--------------------------------------------------------------------
combined |    2400    .0504637    .0023628    .1157542    .0458303    .0550971
---------+--------------------------------------------------------------------
    diff |           -.0769727    .0047739               -.0863341   -.0676112
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t = -16.1235
Ho: diff = 0                                     degrees of freedom =     2398

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

->  ttest M0, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    .1057402    .0075611    .3075977    .0909099    .1205705
       1 |     813    .1193112    .0113756    .3243539    .0969822    .1416402
---------+--------------------------------------------------------------------
combined |    2468    .1102107    .0063048    .3132157    .0978475    .1225739
---------+--------------------------------------------------------------------
    diff |            -.013571    .0134144               -.0398756    .0127335
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -1.0117
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.1559         Pr(|T| > |t|) = 0.3118          Pr(T > t) = 0.8441

->  ttest exint, by(B1)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    1655    17.80834    .6032533    24.54136    16.62512    18.99156
       1 |     813    21.48629    .9728818    27.73993    19.57663    23.39595
---------+--------------------------------------------------------------------
combined |    2468    19.01992    .5171551    25.69173    18.00582    20.03402
---------+--------------------------------------------------------------------
    diff |           -3.677951    1.098055               -5.831156   -1.524746
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -3.3495
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0004         Pr(|T| > |t|) = 0.0008          Pr(T > t) = 0.9996

. 
. * by firms with low/medium or high financial resources (not reported)
.     for var $BM6 size age cash famcom group kapint rating plc east $respond5 $legal3: ttest X, by(M0) 

->  ttest b1m0, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196           0           0           0           0           0
       1 |     272    .3566176    .0290972    .4798835    .2993323     .413903
---------+--------------------------------------------------------------------
combined |    2468    .0393031    .0039122    .1943545    .0316315    .0469746
---------+--------------------------------------------------------------------
    diff |           -.3566176    .0102258               -.3766696   -.3365657
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t = -34.8744
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

->  ttest b1m1, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    .2021858    .0085725    .4017215    .1853747    .2189969
       1 |     272           0           0           0           0           0
---------+--------------------------------------------------------------------
combined |    2468    .1799028    .0077333    .3841843    .1647383    .1950673
---------+--------------------------------------------------------------------
    diff |            .2021858    .0243623                .1544132    .2499584
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   8.2991
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 1.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 0.0000

->  ttest b1m2, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    .1238616    .0070313    .3294986    .1100728    .1376503
       1 |     272           0           0           0           0           0
---------+--------------------------------------------------------------------
combined |    2468    .1102107    .0063048    .3132157    .0978475    .1225739
---------+--------------------------------------------------------------------
    diff |            .1238616    .0199823                .0846777    .1630455
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   6.1986
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 1.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 0.0000

->  ttest b0m0, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196           0           0           0           0           0
       1 |     272    .6433824    .0290972    .4798835     .586097    .7006677
---------+--------------------------------------------------------------------
combined |    2468    .0709076    .0051676    .2567225    .0607743     .081041
---------+--------------------------------------------------------------------
    diff |           -.6433824    .0102258               -.6634343   -.6233304
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t = -62.9178
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

->  ttest b0m1, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    .4831512    .0106661    .4998299    .4622345    .5040679
       1 |     272           0           0           0           0           0
---------+--------------------------------------------------------------------
combined |    2468    .4299028    .0099672    .4951623    .4103577    .4494478
---------+--------------------------------------------------------------------
    diff |            .4831512     .030312                .4237115    .5425908
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  15.9393
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 1.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 0.0000

->  ttest b0m2, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    .1908015    .0083869    .3930224    .1743544    .2072485
       1 |     272           0           0           0           0           0
---------+--------------------------------------------------------------------
combined |    2468    .1697731    .0075587    .3755094     .154951    .1845952
---------+--------------------------------------------------------------------
    diff |            .1908015    .0238347                .1440633    .2375396
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   8.0052
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 1.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 0.0000

->  ttest size, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    360.2912    55.53789    2602.589    251.3789    469.2036
       1 |     272    285.0221    115.3756    1902.823    57.87561    512.1685
---------+--------------------------------------------------------------------
combined |    2468    351.9958    51.02257    2534.748    251.9443    452.0472
---------+--------------------------------------------------------------------
    diff |            75.26918    162.9581               -244.2798    394.8181
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   0.4619
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.6779         Pr(|T| > |t|) = 0.6442          Pr(T > t) = 0.3221

->  ttest age, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    21.42714    .4724866    22.14143    20.50057    22.35371
       1 |     272    18.14338    .9607517    15.84512     16.2519    20.03487
---------+--------------------------------------------------------------------
combined |    2468    21.06524    .4339842    21.55989    20.21422    21.91625
---------+--------------------------------------------------------------------
    diff |            3.283758     1.38456                .5687379    5.998778
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   2.3717
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9911         Pr(|T| > |t|) = 0.0178          Pr(T > t) = 0.0089

->  ttest cash, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    10.75929    2.358377    110.5171    6.134411    15.38418
       1 |     272     4.96173    1.782543    29.39845    1.452338    8.471123
---------+--------------------------------------------------------------------
combined |    2468    10.12034    2.107869    104.7167    5.986966    14.25372
---------+--------------------------------------------------------------------
    diff |            5.797564    6.731484                -7.40238    18.99751
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   0.8613
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.8054         Pr(|T| > |t|) = 0.3892          Pr(T > t) = 0.1946

->  ttest famcom, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    .6753188    .0099946    .4683623    .6557189    .6949186
       1 |     272    .5882353    .0298962    .4930602     .529377    .6470936
---------+--------------------------------------------------------------------
combined |    2468    .6657212    .0094976    .4718333     .647097    .6843454
---------+--------------------------------------------------------------------
    diff |            .0870835    .0302846                .0276976    .1464693
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   2.8755
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9980         Pr(|T| > |t|) = 0.0041          Pr(T > t) = 0.0020

->  ttest group, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    .3269581    .0100127    .4692086    .3073228    .3465934
       1 |     272    .3602941    .0291631    .4809706     .302879    .4177092
---------+--------------------------------------------------------------------
combined |    2468    .3306321    .0094715    .4705361    .3120591    .3492051
---------+--------------------------------------------------------------------
    diff |            -.033336    .0302445               -.0926432    .0259712
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -1.1022
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.1352         Pr(|T| > |t|) = 0.2705          Pr(T > t) = 0.8648

->  ttest kapint, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    .0891823    .0067522    .3164176    .0759409    .1024236
       1 |     272    .0852167    .0145516    .2399919    .0565681    .1138654
---------+--------------------------------------------------------------------
combined |    2468    .0887452    .0062176    .3088847    .0765529    .1009375
---------+--------------------------------------------------------------------
    diff |            .0039655    .0198588               -.0349761    .0429071
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   0.1997
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.5791         Pr(|T| > |t|) = 0.8417          Pr(T > t) = 0.4209

->  ttest rating, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    2.248183    .0135987    .6372575    2.221515    2.274851
       1 |     272    2.472316    .0448162    .7391284    2.384084    2.560548
---------+--------------------------------------------------------------------
combined |    2468    2.272885    .0131421    .6528884    2.247114    2.298656
---------+--------------------------------------------------------------------
    diff |           -.2241331    .0417324               -.3059674   -.1422989
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -5.3707
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

->  ttest plc, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196     18.8433    .4620773    21.65363    17.93715    19.74946
       1 |     272    18.57516    1.338139    22.06916    15.94069    21.20963
---------+--------------------------------------------------------------------
combined |    2468    18.81375     .436713    21.69545    17.95739    19.67011
---------+--------------------------------------------------------------------
    diff |            .2681413    1.394843               -2.467044    3.003326
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   0.1922
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.5762         Pr(|T| > |t|) = 0.8476          Pr(T > t) = 0.4238

->  ttest east, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    .3032787    .0098115    .4597793     .284038    .3225194
       1 |     272    .3345588     .028662    .4727058    .2781303    .3909873
---------+--------------------------------------------------------------------
combined |    2468    .3067261    .0092842    .4612281    .2885205    .3249317
---------+--------------------------------------------------------------------
    diff |           -.0312801    .0296468               -.0894153    .0268551
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -1.0551
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.1457         Pr(|T| > |t|) = 0.2915          Pr(T > t) = 0.8543

->  ttest gf, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    .6461749    .0102059    .4782646    .6261606    .6661891
       1 |     272    .6029412    .0297222    .4901903    .5444255    .6614569
---------+--------------------------------------------------------------------
combined |    2468      .64141    .0096557    .4796837     .622476    .6603441
---------+--------------------------------------------------------------------
    diff |            .0432337    .0308277               -.0172173    .1036846
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   1.4024
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9195         Pr(|T| > |t|) = 0.1609          Pr(T > t) = 0.0805

->  ttest finance, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    .1543716    .0077118    .3613869    .1392484    .1694948
       1 |     272    .1764706    .0231575    .3819228    .1308792     .222062
---------+--------------------------------------------------------------------
combined |    2468    .1568071    .0073209    .3636925    .1424515    .1711628
---------+--------------------------------------------------------------------
    diff |            -.022099    .0233784               -.0679424    .0237444
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -0.9453
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.1723         Pr(|T| > |t|) = 0.3446          Pr(T > t) = 0.8277

->  ttest RD, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    .0614754    .0051269     .240255    .0514213    .0715295
       1 |     272    .0698529     .015484    .2553689    .0393687    .1003372
---------+--------------------------------------------------------------------
combined |    2468    .0623987    .0048698    .2419273    .0528494     .071948
---------+--------------------------------------------------------------------
    diff |           -.0083775    .0155532               -.0388762    .0221211
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -0.5386
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.2951         Pr(|T| > |t|) = 0.5902          Pr(T > t) = 0.7049

->  ttest kaufman, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    .0751366    .0056266    .2636717    .0641026    .0861707
       1 |     272    .0845588    .0169009    .2787369    .0512851    .1178326
---------+--------------------------------------------------------------------
combined |    2468     .076175    .0053409    .2653317    .0657019    .0866482
---------+--------------------------------------------------------------------
    diff |           -.0094222    .0170578               -.0428712    .0240268
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -0.5524
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.2904         Pr(|T| > |t|) = 0.5807          Pr(T > t) = 0.7096

->  ttest other, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    .0628415    .0051798     .242733    .0526837    .0729993
       1 |     272    .0661765    .0151008    .2490485    .0364467    .0959062
---------+--------------------------------------------------------------------
combined |    2468    .0632091    .0048992    .2433879    .0536021    .0728161
---------+--------------------------------------------------------------------
    diff |           -.0033349    .0156479               -.0340193    .0273494
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -0.2131
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.4156         Pr(|T| > |t|) = 0.8312          Pr(T > t) = 0.5844

->  ttest private, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    .1284153    .0071408    .3346279    .1144119    .1424187
       1 |     272    .0772059    .0162141    .2674099    .0452843    .1091275
---------+--------------------------------------------------------------------
combined |    2468    .1227715    .0066072    .3282412    .1098152    .1357278
---------+--------------------------------------------------------------------
    diff |            .0512094    .0210782                .0098766    .0925423
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   2.4295
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9924         Pr(|T| > |t|) = 0.0152          Pr(T > t) = 0.0076

->  ttest public, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    .0396175    .0041634    .1951032    .0314529    .0477821
       1 |     272    .0294118    .0102635    .1692692    .0092055     .049618
---------+--------------------------------------------------------------------
combined |    2468    .0384927    .0038733    .1924215    .0308975     .046088
---------+--------------------------------------------------------------------
    diff |            .0102057    .0123695                 -.01405    .0344615
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   0.8251
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.7953         Pr(|T| > |t|) = 0.4094          Pr(T > t) = 0.2047

->  ttest limited, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    .8283242    .0080489    .3771843    .8125399    .8441085
       1 |     272    .8933824    .0187477    .3091954    .8564726    .9302921
---------+--------------------------------------------------------------------
combined |    2468    .8354943    .0074641    .3708089    .8208578    .8501309
---------+--------------------------------------------------------------------
    diff |           -.0650581    .0238042               -.1117364   -.0183799
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -2.7331
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0032         Pr(|T| > |t|) = 0.0063          Pr(T > t) = 0.9968

.     for var divers inno innoint fueint fuekon mneup fuebp B1 exint: ttest X, by(M0) 

->  ttest divers, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    1.973481    .0574381    2.691636    1.860842     2.08612
       1 |     272    1.945584    .1180149    1.946351    1.713241    2.177926
---------+--------------------------------------------------------------------
combined |    2468    1.970407    .0527307    2.619606    1.867006    2.073808
---------+--------------------------------------------------------------------
    diff |            .0278975      .16842               -.3023617    .3581566
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   0.1656
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.5658         Pr(|T| > |t|) = 0.8685          Pr(T > t) = 0.4342

->  ttest inno, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    .6885246    .0098845    .4632021    .6691407    .7079085
       1 |     272    .6433824    .0290972    .4798835     .586097    .7006677
---------+--------------------------------------------------------------------
combined |    2468    .6835494    .0093638    .4651852    .6651877    .7019112
---------+--------------------------------------------------------------------
    diff |            .0451422    .0298941               -.0134779    .1037623
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   1.5101
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9344         Pr(|T| > |t|) = 0.1312          Pr(T > t) = 0.0656

->  ttest innoint, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    4.504049    .1973148    9.246465    4.117106    4.890992
       1 |     272    5.651474    .8008189    13.20744    4.074857    7.228091
---------+--------------------------------------------------------------------
combined |    2468    4.630508    .1965686    9.765328    4.245051    5.015964
---------+--------------------------------------------------------------------
    diff |           -1.147425    .6274116               -2.377733    .0828833
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -1.8288
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0338         Pr(|T| > |t|) = 0.0675          Pr(T > t) = 0.9662

->  ttest fueint, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    1.834103    .1067877    5.004232    1.624687    2.043518
       1 |     272    2.902249    .5189756    8.559165    1.880512    3.923985
---------+--------------------------------------------------------------------
combined |    2468    1.951824    .1110593    5.517314    1.734045    2.169603
---------+--------------------------------------------------------------------
    diff |           -1.068146    .3540689               -1.762449   -.3738426
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -3.0168
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0013         Pr(|T| > |t|) = 0.0026          Pr(T > t) = 0.9987

->  ttest fuekon, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2183    .6555199    .0164499    .7685831    .6232608    .6877791
       1 |     271    .6199262    .0452549    .7449892    .5308289    .7090235
---------+--------------------------------------------------------------------
combined |    2454    .6515892    .0154618    .7659458    .6212697    .6819088
---------+--------------------------------------------------------------------
    diff |            .0355937    .0493363               -.0611513    .1323388
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   0.7215
Ho: diff = 0                                     degrees of freedom =     2452

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.7646         Pr(|T| > |t|) = 0.4707          Pr(T > t) = 0.2354

->  ttest mneup, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2088    3.724478    .2376947    10.86137    3.258335    4.190621
       1 |     264    4.935371     .932535     15.1519    3.099186    6.771556
---------+--------------------------------------------------------------------
combined |    2352    3.860394    .2355979    11.42589    3.398393    4.322396
---------+--------------------------------------------------------------------
    diff |           -1.210893     .746089               -2.673954     .252168
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -1.6230
Ho: diff = 0                                     degrees of freedom =     2350

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0524         Pr(|T| > |t|) = 0.1047          Pr(T > t) = 0.9476

->  ttest fuebp, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2136    .0490863    .0024145    .1115926    .0443512    .0538214
       1 |     264    .0616079    .0089168    .1448804    .0440505    .0791652
---------+--------------------------------------------------------------------
combined |    2400    .0504637    .0023628    .1157542    .0458303    .0550971
---------+--------------------------------------------------------------------
    diff |           -.0125216    .0075489               -.0273245    .0022814
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -1.6587
Ho: diff = 0                                     degrees of freedom =     2398

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0486         Pr(|T| > |t|) = 0.0973          Pr(T > t) = 0.9514

->  ttest B1, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    .3260474    .0100055    .4688716    .3064262    .3456686
       1 |     272    .3566176    .0290972    .4798835    .2993323     .413903
---------+--------------------------------------------------------------------
combined |    2468    .3294165    .0094627    .4700966    .3108609    .3479722
---------+--------------------------------------------------------------------
    diff |           -.0305703    .0302174               -.0898244    .0286838
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -1.0117
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.1559         Pr(|T| > |t|) = 0.3118          Pr(T > t) = 0.8441

->  ttest exint, by(M0)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |    2196    18.58351    .5378607    25.20496    17.52875    19.63828
       1 |     272    22.54326      1.7669    29.14046    19.06467    26.02186
---------+--------------------------------------------------------------------
combined |    2468    19.01992    .5171551    25.69173    18.00582    20.03402
---------+--------------------------------------------------------------------
    diff |           -3.959747    1.649859               -7.194999   -.7244958
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -2.4001
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0082         Pr(|T| > |t|) = 0.0165          Pr(T > t) = 0.9918

. 
. * by B/M combination (not reported)
.     for var $BM6 size age cash famcom group kapint rating plc east $respond5 $legal3 divers inno innoint fueint fuekon mneup fuebp exint: sum X if b
> 1m0 == 1

->  sum b1m0 if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m0 |        97           1           0          1          1

->  sum b1m1 if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m1 |        97           0           0          0          0

->  sum b1m2 if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m2 |        97           0           0          0          0

->  sum b0m0 if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m0 |        97           0           0          0          0

->  sum b0m1 if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m1 |        97           0           0          0          0

->  sum b0m2 if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m2 |        97           0           0          0          0

->  sum size if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        size |        97    378.3093    3028.025          1      29849

->  sum age if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         age |        97    19.04124    20.98259          1        140

->  sum cash if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        cash |        97    6.025009    44.48978      .0073        437

->  sum famcom if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      famcom |        97    .4845361     .502357          0          1

->  sum group if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       group |        97    .3608247    .4827346          0          1

->  sum kapint if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      kapint |        97    .1009629     .313054          0       2.25

->  sum rating if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      rating |        97    2.494639    .6212421       1.32          6

->  sum plc if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         plc |        97    16.40688     20.7579          1        100

->  sum east if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        east |        97    .3402062    .4762396          0          1

->  sum gf if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
          gf |        97    .7010309    .4601845          0          1

->  sum finance if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     finance |        97    .1237113    .3309624          0          1

->  sum RD if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
          RD |        97    .0515464     .222258          0          1

->  sum kaufman if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     kaufman |        97    .0721649    .2601051          0          1

->  sum other if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       other |        97    .0515464     .222258          0          1

->  sum private if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     private |        97    .0721649    .2601051          0          1

->  sum public if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      public |        97    .0515464     .222258          0          1

->  sum limited if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     limited |        97    .8762887    .3309624          0          1

->  sum divers if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      divers |        97    1.935562    2.364841          1         20

->  sum inno if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        inno |        97    .7319588    .4452402          0          1

->  sum innoint if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     innoint |        97    11.26425    19.35389          0   78.94737

->  sum fueint if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      fueint |        97    6.271992    12.81734          0   73.68421

->  sum fuekon if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      fuekon |        97    .7010309    .6640304          0          2

->  sum mneup if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       mneup |        95    7.589474    19.35035          0        100

->  sum fuebp if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       fuebp |        95    .1306508    .2066335          0       .875

->  sum exint if b1m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       exint |        97    26.19819     32.1986          0        100

.     for var $BM6 size age cash famcom group kapint rating plc east $respond5 $legal3 divers inno innoint fueint fuekon mneup fuebp exint: sum X if b
> 1m1 == 1

->  sum b1m0 if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m0 |       444           0           0          0          0

->  sum b1m1 if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m1 |       444           1           0          1          1

->  sum b1m2 if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m2 |       444           0           0          0          0

->  sum b0m0 if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m0 |       444           0           0          0          0

->  sum b0m1 if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m1 |       444           0           0          0          0

->  sum b0m2 if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m2 |       444           0           0          0          0

->  sum size if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        size |       444    285.5608    1825.615          1      34085

->  sum age if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         age |       444    19.52252    16.86815          1        136

->  sum cash if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        cash |       444    7.030979     34.1502       .003      381.5

->  sum famcom if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      famcom |       444    .6351351    .4819353          0          1

->  sum group if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       group |       444    .3468468    .4765034          0          1

->  sum kapint if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      kapint |       444    .0679301     .217679          0   2.524182

->  sum rating if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      rating |       444    2.379685    .7425691       1.05          6

->  sum plc if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         plc |       444    18.10479    20.03974          1        100

->  sum east if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        east |       444    .3941441    .4892173          0          1

->  sum gf if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
          gf |       444    .6824324    .4660554          0          1

->  sum finance if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     finance |       444    .1238739    .3298092          0          1

->  sum RD if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
          RD |       444    .0810811    .2732675          0          1

->  sum kaufman if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     kaufman |       444    .0653153    .2473601          0          1

->  sum other if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       other |       444    .0472973    .2125135          0          1

->  sum private if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     private |       444    .0810811    .2732675          0          1

->  sum public if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      public |       444    .0495495    .2172572          0          1

->  sum limited if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     limited |       444    .8671171     .339831          0          1

->  sum divers if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      divers |       444    2.018616    2.042373          1         25

->  sum inno if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        inno |       444     .777027    .4167099          0          1

->  sum innoint if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     innoint |       444    7.460276    13.12791          0   108.3333

->  sum fueint if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      fueint |       444    3.334902    6.547584          0   35.85658

->  sum fuekon if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      fuekon |       441    .7573696    .7583453          0          2

->  sum mneup if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       mneup |       426    5.478493    13.06322          0        100

->  sum fuebp if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       fuebp |       433    .0910442    .1541125          0          1

->  sum exint if b1m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       exint |       444    20.09574    26.40627          0        100

.     for var $BM6 size age cash famcom group kapint rating plc east $respond5 $legal3 divers inno innoint fueint fuekon mneup fuebp exint: sum X if b
> 1m2 == 1

->  sum b1m0 if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m0 |       272           0           0          0          0

->  sum b1m1 if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m1 |       272           0           0          0          0

->  sum b1m2 if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m2 |       272           1           0          1          1

->  sum b0m0 if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m0 |       272           0           0          0          0

->  sum b0m1 if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m1 |       272           0           0          0          0

->  sum b0m2 if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m2 |       272           0           0          0          0

->  sum size if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        size |       272    480.9412    3457.918          1      52292

->  sum age if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         age |       272    19.58088    18.03382          1        111

->  sum cash if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        cash |       272    16.34701    108.0431       .007       1274

->  sum famcom if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      famcom |       272    .5845588    .4937063          0          1

->  sum group if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       group |       272    .3272059     .470058          0          1

->  sum kapint if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      kapint |       272    .1075852    .2508089          0   2.363158

->  sum rating if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      rating |       272    2.182868    .6055077          1          6

->  sum plc if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         plc |       272    17.55027    17.32487          1        100

->  sum east if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        east |       272    .3455882    .4764363          0          1

->  sum gf if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
          gf |       272    .6654412    .4727058          0          1

->  sum finance if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     finance |       272    .1213235    .3271047          0          1

->  sum RD if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
          RD |       272    .0588235    .2357278          0          1

->  sum kaufman if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     kaufman |       272    .0955882    .2945677          0          1

->  sum other if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       other |       272    .0588235    .2357278          0          1

->  sum private if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     private |       272    .1691176    .3755468          0          1

->  sum public if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      public |       272    .0772059    .2674099          0          1

->  sum limited if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     limited |       272    .7463235    .4359167          0          1

->  sum divers if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      divers |       272    1.944085    1.499138          1   11.76471

->  sum inno if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        inno |       272    .8198529    .3850183          0          1

->  sum innoint if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     innoint |       272    8.216102     11.3675          0   70.70707

->  sum fueint if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      fueint |       272     3.92652    6.443334          0   41.66667

->  sum fuekon if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      fuekon |       272    .8161765    .7156883          0          2

->  sum mneup if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       mneup |       263    7.400911    15.90609          0        100

->  sum fuebp if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       fuebp |       264    .1097653    .1637201          0          1

->  sum exint if b1m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       exint |       272    22.07582    28.05519          0   99.16666

.     for var $BM6 size age cash famcom group kapint rating plc east $respond5 $legal3 divers inno innoint fueint fuekon mneup fuebp exint: sum X if b
> 0m0 == 1

->  sum b1m0 if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m0 |       175           0           0          0          0

->  sum b1m1 if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m1 |       175           0           0          0          0

->  sum b1m2 if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m2 |       175           0           0          0          0

->  sum b0m0 if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m0 |       175           1           0          1          1

->  sum b0m1 if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m1 |       175           0           0          0          0

->  sum b0m2 if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m2 |       175           0           0          0          0

->  sum size if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        size |       175    233.3143    756.9206          1       8300

->  sum age if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         age |       175    17.64571    12.14189          1         87

->  sum cash if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        cash |       175     4.37237    15.90737      .0018        174

->  sum famcom if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      famcom |       175    .6457143    .4796687          0          1

->  sum group if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       group |       175         .36    .4813773          0          1

->  sum kapint if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      kapint |       175    .0764889    .1881992          0     1.8042

->  sum rating if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      rating |       175    2.459943    .7984349       1.29          6

->  sum plc if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         plc |       175    19.77701    22.73228          1        150

->  sum east if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        east |       175    .3314286    .4720775          0          1

->  sum gf if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
          gf |       175    .5485714    .4990632          0          1

->  sum finance if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     finance |       175    .2057143    .4053825          0          1

->  sum RD if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
          RD |       175         .08    .2720717          0          1

->  sum kaufman if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     kaufman |       175    .0914286    .2890446          0          1

->  sum other if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       other |       175    .0742857    .2629878          0          1

->  sum private if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     private |       175         .08    .2720717          0          1

->  sum public if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      public |       175    .0171429    .1301761          0          1

->  sum limited if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     limited |       175    .9028571     .297002          0          1

->  sum divers if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      divers |       175    1.951139    1.677662          1       12.5

->  sum inno if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        inno |       175    .5942857    .4924387          0          1

->  sum innoint if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     innoint |       175    2.540393    6.141844          0         50

->  sum fueint if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      fueint |       175    1.034448    3.690632          0   35.16483

->  sum fuekon if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      fuekon |       174    .5747126    .7847121          0          2

->  sum mneup if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       mneup |       169     3.44342     11.9864          0         94

->  sum fuebp if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       fuebp |       169    .0227967    .0689839          0        .75

->  sum exint if b0m0 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       exint |       175    20.51738    27.18415          0        100

.     for var $BM6 size age cash famcom group kapint rating plc east $respond5 $legal3 divers inno innoint fueint fuekon mneup fuebp exint: sum X if b
> 0m1 == 1

->  sum b1m0 if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m0 |      1061           0           0          0          0

->  sum b1m1 if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m1 |      1061           0           0          0          0

->  sum b1m2 if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m2 |      1061           0           0          0          0

->  sum b0m0 if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m0 |      1061           0           0          0          0

->  sum b0m1 if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m1 |      1061           1           0          1          1

->  sum b0m2 if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m2 |      1061           0           0          0          0

->  sum size if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        size |      1061     315.983    1797.524          1      45958

->  sum age if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         age |      1061    22.21206    25.37015          1        590

->  sum cash if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        cash |      1061    7.580005     45.8287       .009      923.4

->  sum famcom if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      famcom |      1061    .7313855     .443448          0          1

->  sum group if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       group |      1061    .3091423    .4623579          0          1

->  sum kapint if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      kapint |      1061    .0806993    .3763783          0   8.588889

->  sum rating if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      rating |      1061    2.241272    .5947532       1.01          6

->  sum plc if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         plc |      1061    18.71068    23.09101          1        300

->  sum east if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        east |      1061    .2836946     .451003          0          1

->  sum gf if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
          gf |      1061    .6352498    .4815871          0          1

->  sum finance if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     finance |      1061    .1649387    .3713003          0          1

->  sum RD if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
          RD |      1061    .0527804    .2237002          0          1

->  sum kaufman if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     kaufman |      1061    .0716305    .2579968          0          1

->  sum other if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       other |      1061    .0754006    .2641611          0          1

->  sum private if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     private |      1061    .1093308     .312201          0          1

->  sum public if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      public |      1061    .0254477    .1575548          0          1

->  sum limited if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     limited |      1061     .862394    .3446485          0          1

->  sum divers if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      divers |      1061    2.011252    3.341053          1        100

->  sum inno if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        inno |      1061    .6286522    .4833931          0          1

->  sum innoint if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     innoint |      1061    2.601814    5.749865          0        100

->  sum fueint if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      fueint |      1061    .9309302    3.750114          0        100

->  sum fuekon if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      fuekon |      1057    .5752129    .7639303          0          2

->  sum mneup if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       mneup |      1009    2.269903    7.768467          0         90

->  sum fuebp if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       fuebp |      1038      .02391     .065271          0          1

->  sum exint if b0m1 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       exint |      1061    17.23453    23.72603          0   99.27334

.     for var $BM6 size age cash famcom group kapint rating plc east $respond5 $legal3 divers inno innoint fueint fuekon mneup fuebp exint: sum X if b
> 0m2 == 1

->  sum b1m0 if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m0 |       419           0           0          0          0

->  sum b1m1 if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m1 |       419           0           0          0          0

->  sum b1m2 if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m2 |       419           0           0          0          0

->  sum b0m0 if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m0 |       419           0           0          0          0

->  sum b0m1 if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m1 |       419           0           0          0          0

->  sum b0m2 if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b0m2 |       419           1           0          1          1

->  sum size if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        size |       419    473.3569    4007.189          1      72900

->  sum age if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         age |       419    22.65632    20.50863          1        134

->  sum cash if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        cash |       419    19.13337    223.3317   .0050539     4425.6

->  sum famcom if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      famcom |       419    .6348449    .4820492          0          1

->  sum group if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       group |       419    .3508353     .477802          0          1

->  sum kapint if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      kapint |       419    .1212367    .2712955          0        2.8

->  sum rating if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      rating |       419    2.168735    .6211207          1          6

->  sum plc if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         plc |       419    20.80109    22.00681          1        200

->  sum east if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        east |       419    .2291169    .4207671          0          1

->  sum gf if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
          gf |       419    .6229117    .4852367          0          1

->  sum finance if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     finance |       419    .1813842    .3857969          0          1

->  sum RD if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
          RD |       419    .0644391    .2458271          0          1

->  sum kaufman if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     kaufman |       419    .0811456     .273385          0          1

->  sum other if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       other |       419    .0501193     .218452          0          1

->  sum private if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     private |       419    .2004773    .4008362          0          1

->  sum public if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      public |       419    .0405728    .1975342          0          1

->  sum limited if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     limited |       419    .7541766    .4310891          0          1

->  sum divers if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      divers |       419    1.849093    1.958974          1   33.33333

->  sum inno if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        inno |       419    .6610979    .4739024          0          1

->  sum innoint if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
     innoint |       419    3.778581    8.410443          0        100

->  sum fueint if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      fueint |       419    1.172466    3.967016          0         50

->  sum fuekon if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      fuekon |       413    .6464891    .7980367          0          2

->  sum mneup if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       mneup |       390    3.092564    10.06433          0         90

->  sum fuebp if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       fuebp |       401    .0290014    .0759148          0          1

->  sum exint if b0m2 == 1

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
       exint |       419     18.1299    25.37799          0   97.55244

.     
.     
. * by innovative firms (not reported)
.     for var b1m0 b1m1 b1m2 b0m0 b0m1 b0m2: ttest X, by(inno) 

->  ttest b1m0, by(inno)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |     781    .0332907    .0064234    .1795095    .0206815    .0458998
       1 |    1687    .0420865      .00489    .2008462    .0324955    .0516776
---------+--------------------------------------------------------------------
combined |    2468    .0393031    .0039122    .1943545    .0316315    .0469746
---------+--------------------------------------------------------------------
    diff |           -.0087959    .0084115               -.0252903    .0076985
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -1.0457
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.1479         Pr(|T| > |t|) = 0.2958          Pr(T > t) = 0.8521

->  ttest b1m1, by(inno)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |     781    .1267606    .0119127    .3329178    .1033757    .1501454
       1 |    1687     .204505     .009823    .4034591    .1852386    .2237715
---------+--------------------------------------------------------------------
combined |    2468    .1799028    .0077333    .3841843    .1647383    .1950673
---------+--------------------------------------------------------------------
    diff |           -.0777445    .0165571               -.1102117   -.0452772
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -4.6955
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

->  ttest b1m2, by(inno)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |     781    .0627401    .0086827    .2426503    .0456958    .0797843
       1 |    1687    .1321873    .0082486    .3387947    .1160088    .1483658
---------+--------------------------------------------------------------------
combined |    2468    .1102107    .0063048    .3132157    .0978475    .1225739
---------+--------------------------------------------------------------------
    diff |           -.0694472    .0134865               -.0958932   -.0430012
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -5.1494
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

->  ttest b0m0, by(inno)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |     781    .0909091    .0102934     .287664     .070703    .1111152
       1 |    1687    .0616479    .0058575    .2405862    .0501591    .0731367
---------+--------------------------------------------------------------------
combined |    2468    .0709076    .0051676    .2567225    .0607743     .081041
---------+--------------------------------------------------------------------
    diff |            .0292612    .0110976                .0074996    .0510228
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   2.6367
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9958         Pr(|T| > |t|) = 0.0084          Pr(T > t) = 0.0042

->  ttest b0m1, by(inno)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |     781    .5044814    .0179022    .5003003    .4693393    .5396235
       1 |    1687    .3953764    .0119075    .4890764    .3720214    .4187314
---------+--------------------------------------------------------------------
combined |    2468    .4299028    .0099672    .4951623    .4103577    .4494478
---------+--------------------------------------------------------------------
    diff |             .109105    .0213222                .0672938    .1509163
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   5.1170
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 1.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 0.0000

->  ttest b0m2, by(inno)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |     781    .1818182    .0138101    .3859418    .1547089    .2089275
       1 |    1687    .1641968    .0090221    .3705639    .1465012    .1818924
---------+--------------------------------------------------------------------
combined |    2468    .1697731    .0075587    .3755094     .154951    .1845952
---------+--------------------------------------------------------------------
    diff |            .0176214    .0162516               -.0142467    .0494895
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   1.0843
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.8608         Pr(|T| > |t|) = 0.2783          Pr(T > t) = 0.1392

.     for var con: ttest X, by(inno)

->  ttest con, by(inno)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |     781    .1139565    .0113776     .317962    .0916222    .1362908
       1 |    1687     .473029    .0121593    .4994201    .4491801     .496878
---------+--------------------------------------------------------------------
combined |    2468    .3594003    .0096605    .4799219    .3404569    .3783438
---------+--------------------------------------------------------------------
    diff |           -.3590726    .0194764               -.3972644   -.3208808
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t = -18.4363
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

.     for var type: ttest X, by(inno)

->  ttest type, by(inno)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. Err.   Std. Dev.   [95% Conf. Interval]
---------+--------------------------------------------------------------------
       0 |     781    .1152369    .0115757    .3234999    .0925136    .1379602
       1 |    1687    .4991108    .0133873    .5498564    .4728534    .5253682
---------+--------------------------------------------------------------------
combined |    2468    .3776337    .0104905    .5211558    .3570627    .3982047
---------+--------------------------------------------------------------------
    diff |            -.383874    .0211946                -.425435   -.3423129
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t = -18.1119
Ho: diff = 0                                     degrees of freedom =     2466

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

. 
. 
. 
. /*================================================================================*\ 
> |                           R E G R E S S I O N S       
> \*================================================================================*/  
.     
. estimates clear

. 
. * user-written do-file to perform test on heteroskedasticity (lmtest) and normality  (normtest), see Verbeek (1998)
. do "probittests.do"

. 
. ****************
. * Kleinere Hilfsprogramme
. ****************
. 
. 
. cap program drop lmtest

. program define lmtest, rclass
  1. tempvar r2_lmhet ts_lmhet 
  2.     quietly {
  3.     return add
  4.     cap drop z_*
  5.     cap drop e_*
  6.     cap drop ydach
  7.     cap drop zaehl
  8.     cap drop nenn
  9.     cap drop eins
 10.     cap drop e
 11.     cap drop xb
 12.     qui probit $endog $exog
 13.     predict xb, xb
 14.     gen eins=1                  
 15.     gen double e=($endog -normprob(xb))* normalden(xb) / (normprob(xb)*(1-normprob(xb))) 
 16. 
.     local j = wordcount("`1'")
 17.     local myvar "`1'"
 18.     foreach x of local myvar {
 19.             gen z_`x'= e*xb*`x'
 20.             }
 21.     foreach x of global exog {
 22.         gen e_`x'= e * `x'
 23.         }
 24.     qui reg eins e_* z_*, nocons
 25.     predict ydach, xb
 26.     egen zaehl=sum(ydach^2)
 27.     egen nenn =sum(eins^2)
 28.     *scalar r2_lm=zaehl/nenn
.     *scalar LM=e(N)*r2_lm
.     *noisily di in green "LM-Test: " in y LM in g ", df: " in y `j' in g ", p-value: " in y chiprob(`j',LM)
.     gen `r2_lmhet' = zaehl/nenn
 29.     sum `r2_lmhet'
 30.     return scalar r2_lmhet=r(mean)
 31.     gen `ts_lmhet' = e(N)*return(r2_lmhet)
 32.     sum `ts_lmhet'
 33.     return scalar ts_lmhet=r(mean)
 34.     return scalar p_lmhet=chiprob(`j',return(ts_lmhet))
 35.     noisily di in green "Test on heteroskedasticity (see Verbeek): " in y return(ts_lmhet) in g ", df: " in y `j' in g ", p-value: " in y return(
> p_lmhet)
 36.     cap drop ydach
 37.     cap drop zaehl
 38.     cap drop nenn
 39.     cap drop z_*
 40.     *cap drop eins
.     *cap drop e
.     }
 41.     end

. 
. 
. 
. cap program drop normtest

. program define normtest, rclass
  1. tempvar r2_lmnorm ts_lmnorm 
  2.     quietly {
  3.     return add
  4.     cap drop exb2 
  5.     cap drop exb3
  6.     cap drop zaehl_n
  7.     cap drop nenn_n
  8.     cap drop ydach_n
  9.     gen exb2=e*(xb)^2
 10.     gen exb3=e*(xb)^3
 11.     reg eins e_* exb2 exb3, nocons
 12.     predict ydach_n, xb
 13.     egen zaehl_n=sum(ydach_n^2)
 14.     egen nenn_n =sum(eins^2)
 15. *    scalar r2_n=zaehl_n/nenn_n
. *    scalar LM_n=e(N)*r2_n
. *    noisily di in green "Normalitaet-Test: " in y LM_n in g ", df: " in y 2 in g ", p-value: " in y chiprob(2,LM_n)
.     gen `r2_lmnorm' = zaehl_n/nenn_n
 16.     sum `r2_lmnorm'
 17.     return scalar r2_lmnorm=r(mean)
 18.     gen `ts_lmnorm' = e(N)*return(r2_lmnorm)
 19.     sum `ts_lmnorm'
 20.     return scalar ts_lmnorm=r(mean)
 21.     return scalar p_lmnorm=chiprob(2,return(ts_lmnorm))
 22.     noisily di in green "Test on normality (see Verbeek): " in y return(ts_lmnorm) in g ", df: " in y 2 in g ", p-value: " in y return(p_lmnorm)
 23.     cap drop exb2 
 24.     cap drop exb3
 25.     cap drop zaehl_n
 26.     cap drop nenn_n
 27.     cap drop ydach_n
 28.     }
 29.     end

. 
end of do-file

. 
. * user-written command "uetest" to perform one-sided t-test   
. 
. ** test H0: beta1 >= beta2 versus H1: beta1 < beta2
. 
. cap program drop uetest

. program define uetest, rclass
  1. tempvar sgn pvalue
  2.      {
  3.     return add
  4.     local Var1 = "`1'"
  5.     local Var2 = "`2'"
  6.     local e1 = "`3'"
  7.     local e2 = "`4'"
  8. 
. test `Var1'-`Var2'=0
  9. gen `sgn'=sign(_b[`Var1']-_b[`Var2'])
 10. gen `pvalue'=normal(`sgn'*sqrt(r(chi2)))
 11. sum `pvalue'
 12. return scalar pvalue`e1'`e2'=r(mean)
 13.     }
 14.     end

. 
. 
. global BM "b1m0 b1m1 b1m2 b0m0 b0m1"

. global id "br_2 br_3 br_4 br_5 br_6 br_7 br_8 br_9 br_10 br_11 br_12 br_13 br_14 br_15" 

. 
.     
. ************************************************************
. * TABLE III: Probit model on being constrained yes/no (con)
. ************************************************************
.     
. ** Base specification
. 
.     * ordinary probit
.     global endog con 

.     global exog $BM lnsize lnage lnplc east $respond comp $id

.     probit $endog $exog

Iteration 0:   log likelihood = -1611.7826  
Iteration 1:   log likelihood = -1494.0518  
Iteration 2:   log likelihood = -1493.4749  
Iteration 3:   log likelihood = -1493.4749  

Probit regression                                 Number of obs   =       2468
                                                  LR chi2(28)     =     236.62
                                                  Prob > chi2     =     0.0000
Log likelihood = -1493.4749                       Pseudo R2       =     0.0734

------------------------------------------------------------------------------
         con |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
        b1m0 |   .5037818   .1512528     3.33   0.001     .2073318    .8002317
        b1m1 |   .2543297   .0919556     2.77   0.006        .0741    .4345593
        b1m2 |   .3521761   .1055208     3.34   0.001     .1453591     .558993
        b0m0 |   .0479774   .1212585     0.40   0.692     -.189685    .2856397
        b0m1 |  -.1029847   .0781509    -1.32   0.188    -.2561577    .0501882
      lnsize |   .1346725   .0192973     6.98   0.000     .0968505    .1724945
       lnage |   .0140648   .0374766     0.38   0.707    -.0593879    .0875176
       lnplc |  -.0399756   .0298439    -1.34   0.180    -.0984686    .0185175
        east |  -.1107282     .06106    -1.81   0.070    -.2304037    .0089472
     finance |  -.3248087   .0828811    -3.92   0.000    -.4872526   -.1623648
          RD |    .092141   .1144759     0.80   0.421    -.1322277    .3165097
     kaufman |  -.2169199   .1083356    -2.00   0.045    -.4292538    -.004586
       other |  -.1243293   .1133395    -1.10   0.273    -.3464706     .097812
        comp |    .000029   .0004328     0.07   0.947    -.0008192    .0008771
        br_2 |   .3887446   .2047152     1.90   0.058    -.0124899    .7899791
        br_3 |   .5281268   .2184096     2.42   0.016     .1000519    .9562017
        br_4 |   .3550791   .1982239     1.79   0.073    -.0334325    .7435908
        br_5 |   .6240868   .2042287     3.06   0.002     .2238058    1.024368
        br_6 |   .5957353   .2095906     2.84   0.004     .1849452    1.006525
        br_7 |   .7065636   .2124661     3.33   0.001     .2901376     1.12299
        br_8 |   .6024803   .1928218     3.12   0.002     .2245564    .9804042
        br_9 |   .6102033   .1967262     3.10   0.002     .2246269    .9957796
       br_10 |   .7868761   .2046954     3.84   0.000     .3856805    1.188072
       br_11 |   .8217003   .2031792     4.04   0.000     .4234764    1.219924
       br_12 |   .6831584    .220126     3.10   0.002     .2517193    1.114598
       br_13 |   .5530656   .2138099     2.59   0.010     .1340058    .9721254
       br_14 |  -.1256104    .221594    -0.57   0.571    -.5599267    .3087059
       br_15 |  -.0016871   .2313089    -0.01   0.994    -.4550443      .45167
       _cons |  -1.337397   .2426769    -5.51   0.000    -1.813035   -.8617595
------------------------------------------------------------------------------

.     lmtest "$id east"
Test on heteroskedasticity (see Verbeek): 26.823797, df: 15, p-value: .03020521

.     normtest
Test on normality (see Verbeek): 1.8437495, df: 2, p-value: .39777261

. 
.     * probit with clustered s.e.
.     probit con $BM lnsize lnage lnplc east $respond comp $id, robust cluster(cls)

Iteration 0:   log pseudolikelihood = -1611.7826  
Iteration 1:   log pseudolikelihood = -1494.0518  
Iteration 2:   log pseudolikelihood = -1493.4749  
Iteration 3:   log pseudolikelihood = -1493.4749  

Probit regression                                 Number of obs   =       2468
                                                  Wald chi2(28)   =   13606.50
                                                  Prob > chi2     =     0.0000
Log pseudolikelihood = -1493.4749                 Pseudo R2       =     0.0734

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
             |               Robust
         con |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
        b1m0 |   .5037818   .1554112     3.24   0.001     .1991815     .808382
        b1m1 |   .2543297   .0911646     2.79   0.005     .0756504    .4330089
        b1m2 |   .3521761   .1425245     2.47   0.013     .0728332     .631519
        b0m0 |   .0479774   .1367139     0.35   0.726     -.219977    .3159317
        b0m1 |  -.1029847   .0663118    -1.55   0.120    -.2329534     .026984
      lnsize |   .1346725   .0187802     7.17   0.000      .097864     .171481
       lnage |   .0140648   .0378196     0.37   0.710    -.0600602    .0881898
       lnplc |  -.0399756   .0355807    -1.12   0.261    -.1097125    .0297613
        east |  -.1107282    .052783    -2.10   0.036     -.214181   -.0072754
     finance |  -.3248087   .0812926    -4.00   0.000    -.4841393   -.1654781
          RD |    .092141   .1103567     0.83   0.404    -.1241543    .3084362
     kaufman |  -.2169199   .1138393    -1.91   0.057    -.4400408    .0062011
       other |  -.1243293   .1121554    -1.11   0.268    -.3441498    .0954912
        comp |    .000029   .0003551     0.08   0.935     -.000667    .0007249
        br_2 |   .3887446   .2640086     1.47   0.141    -.1287028     .906192
        br_3 |   .5281268   .2992667     1.76   0.078    -.0584252    1.114679
        br_4 |   .3550791   .2627952     1.35   0.177      -.15999    .8701482
        br_5 |   .6240868   .2693161     2.32   0.020     .0962368    1.151937
        br_6 |   .5957353   .2792784     2.13   0.033     .0483597    1.143111
        br_7 |   .7065636    .264276     2.67   0.008     .1885921    1.224535
        br_8 |   .6024803   .2618018     2.30   0.021     .0893581    1.115602
        br_9 |   .6102033   .2829442     2.16   0.031     .0556429    1.164764
       br_10 |   .7868761    .279451     2.82   0.005     .2391622     1.33459
       br_11 |   .8217003   .2689984     3.05   0.002     .2944731    1.348927
       br_12 |   .6831584   .2943556     2.32   0.020     .1062321    1.260085
       br_13 |   .5530656   .2736878     2.02   0.043     .0166473    1.089484
       br_14 |  -.1256104   .2831242    -0.44   0.657    -.6805235    .4293028
       br_15 |  -.0016871   .2817238    -0.01   0.995    -.5538556    .5504814
       _cons |  -1.337397   .2908911    -4.60   0.000    -1.907534   -.7672613
------------------------------------------------------------------------------

.     fitstat

Measures of Fit for probit of con

Log-Lik Intercept Only:    -1611.783     Log-Lik Full Model:        -1493.475
D(2439):                    2986.950     LR(28):                      236.616
                                         Prob > LR:                     0.000
McFadden's R2:                 0.073     McFadden's Adj R2:             0.055
Maximum Likelihood R2:         0.091     Cragg & Uhler's R2:            0.125
McKelvey and Zavoina's R2:     0.154     Efron's R2:                    0.090
Variance of y*:                1.182     Variance of error:             1.000
Count R2:                      0.662     Adj Count R2:                  0.061
AIC:                           1.234     AIC*n:                      3044.950
BIC:                      -16064.478     BIC':                        -17.903

. 
.     dprobit con $BM lnsize lnage lnplc east $respond comp $id, robust cluster(cls)

Iteration 0:   log pseudolikelihood = -1611.7826
Iteration 1:   log pseudolikelihood = -1494.6847
Iteration 2:   log pseudolikelihood =  -1493.476
Iteration 3:   log pseudolikelihood = -1493.4749
Iteration 4:   log pseudolikelihood = -1493.4749

Probit regression, reporting marginal effects           Number of obs =   2468
                                                        Wald chi2(28) =13606.50
                                                        Prob > chi2   = 0.0000
Log pseudolikelihood = -1493.4749                       Pseudo R2     = 0.0734

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
         |               Robust
     con |      dF/dx   Std. Err.      z    P>|z|     x-bar  [    95% C.I.   ]
---------+--------------------------------------------------------------------
    b1m0*|   .1963471   .0615838     3.24   0.001   .039303   .075645  .317049
    b1m1*|   .0963984   .0351905     2.79   0.005   .179903   .027426   .16537
    b1m2*|   .1352991   .0560179     2.47   0.013   .110211   .025506  .245092
    b0m0*|   .0178515   .0512458     0.35   0.726   .070908  -.082588  .118291
    b0m1*|  -.0378976   .0243557    -1.55   0.120   .429903  -.085634  .009839
  lnsize |   .0497193    .006901     7.17   0.000    3.9526   .036194  .063245
   lnage |   .0051925   .0139691     0.37   0.710   2.81865  -.022186  .032572
   lnplc |  -.0147584   .0131662    -1.12   0.261   2.47066  -.040564  .011047
    east*|    -.04051   .0190099    -2.10   0.036   .306726  -.077769 -.003251
 finance*|  -.1136826   .0266266    -4.00   0.000   .156807   -.16587 -.061495
      RD*|   .0345228   .0418812     0.83   0.404   .062399  -.047563  .116608
 kaufman*|  -.0767961   .0383925    -1.91   0.057   .076175  -.152044 -.001548
   other*|  -.0448404   .0394601    -1.11   0.268   .063209  -.122181    .0325
    comp |   .0000107   .0001311     0.08   0.935   43.6851  -.000246  .000268
    br_2*|   .1502624   .1043732     1.47   0.141   .069692  -.054305   .35483
    br_3*|   .2058746   .1180846     1.76   0.078   .045786  -.025567  .437316
    br_4*|   .1365511   .1033579     1.35   0.177   .101297  -.066027  .339129
    br_5*|    .243215   .1047748     2.32   0.020    .06564    .03786   .44857
    br_6*|   .2322712   .1091969     2.13   0.033   .057942   .018249  .446293
    br_7*|   .2753941   .1009957     2.67   0.008   .047812   .077446  .473342
    br_8*|   .2335241   .1019349     2.30   0.021   .126418   .033735  .433313
    br_9*|   .2369662   .1104007     2.16   0.031   .107374   .020585  .453348
   br_10*|   .3054884   .1049219     2.82   0.005   .075365   .099845  .511132
   br_11*|    .318483   .1000252     3.05   0.002   .078201   .122437  .514529
   br_12*|   .2665143   .1131036     2.32   0.020   .040519   .044835  .488193
   br_13*|   .2156608   .1076099     2.02   0.043   .049028   .004749  .426572
   br_14*|  -.0452762   .0995385    -0.44   0.657   .057536  -.240368  .149816
   br_15*|  -.0006227   .1039473    -0.01   0.995   .045786  -.204356   .20311
---------+--------------------------------------------------------------------
  obs. P |   .3594003
 pred. P |    .346888  (at x-bar)
------------------------------------------------------------------------------
(*) dF/dx is for discrete change of dummy variable from 0 to 1
    z and P>|z| correspond to the test of the underlying coefficient being 0

. 
.     est store m1

. 
.     ** Test H1: (1) beta1 (b1m0) > beta4 (b0m0); (2) beta2 (b1m1) > beta5 (b0m1); (3) beta3 (b1m2) > 0
.     ** compare pairwise hypotheses with adjusted significance level alpha/3 (Bonferroni)
.     sca bonfi10=0.1/3

.     sca bonfi5=0.05/3

.     sca bonfi1=0.01/3

.     sca di bonfi10 bonfi5 bonfi1
   bonfi10 =  .03333333
    bonfi5 =  .01666667
    bonfi1 =  .00333333

. 
.     sca sidak10=1-(1-0.1)^(1/3)

.     sca sidak5=1-(1-0.05)^(1/3)

.     sca sidak1=1-(1-0.01)^(1/3)

.     sca di sidak10 sidak5 sidak1
   sidak10 =  .03451062
    sidak5 =  .01695243
    sidak1 =  .00334451

. 
.     ** figures " 1 4" just indicate which coefficients are tested, no other meaning
.     uetest  b0m0 b1m0  1 4  

 ( 1)  - b1m0 + b0m0 = 0

           chi2(  1) =    5.26
         Prob > chi2 =    0.0218

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0108951           0   .0108951   .0108951

.     uetest  b0m1 b1m1  2 5

 ( 1)  - b1m1 + b0m1 = 0

           chi2(  1) =   25.49
         Prob > chi2 =    0.0000

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    2.23e-07           0   2.23e-07   2.23e-07

.     * two-sided test => one-sided test: pvalue/2 
.     test b1m2=0

 ( 1)  b1m2 = 0

           chi2(  1) =    6.11
         Prob > chi2 =    0.0135

.     
.           
.     ** Test H2a: (1) beta1 (b1m0) > beta2 (b1m1); (2) beta1 (b1m0) > beta3 (b1m2); (3) beta2 (b1m1) > beta3 (b1m2)
.     uetest  b1m1 b1m0 1 2  

 ( 1)  - b1m0 + b1m1 = 0

           chi2(  1) =    3.54
         Prob > chi2 =    0.0597

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0298725           0   .0298725   .0298725

.     uetest  b1m2 b1m0 1 3

 ( 1)  - b1m0 + b1m2 = 0

           chi2(  1) =    1.65
         Prob > chi2 =    0.1989

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0994553           0   .0994553   .0994553

.     uetest  b1m2 b1m1 2 3

 ( 1)  - b1m1 + b1m2 = 0

           chi2(  1) =    0.77
         Prob > chi2 =    0.3814

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .8093199           0   .8093199   .8093199

. 
.     testparm br_*

 ( 1)  br_2 = 0
 ( 2)  br_3 = 0
 ( 3)  br_4 = 0
 ( 4)  br_5 = 0
 ( 5)  br_6 = 0
 ( 6)  br_7 = 0
 ( 7)  br_8 = 0
 ( 8)  br_9 = 0
 ( 9)  br_10 = 0
 (10)  br_11 = 0
 (11)  br_12 = 0
 (12)  br_13 = 0
 (13)  br_14 = 0
 (14)  br_15 = 0

           chi2( 14) =  641.23
         Prob > chi2 =    0.0000

.     lstat

Probit model for con

              -------- True --------
Classified |         D            ~D  |      Total
-----------+--------------------------+-----------
     +     |       244           190  |        434
     -     |       643          1391  |       2034
-----------+--------------------------+-----------
   Total   |       887          1581  |       2468

Classified + if predicted Pr(D) >= .5
True D defined as con != 0
--------------------------------------------------
Sensitivity                     Pr( +| D)   27.51%
Specificity                     Pr( -|~D)   87.98%
Positive predictive value       Pr( D| +)   56.22%
Negative predictive value       Pr(~D| -)   68.39%
--------------------------------------------------
False + rate for true ~D        Pr( +|~D)   12.02%
False - rate for true D         Pr( -| D)   72.49%
False + rate for classified +   Pr(~D| +)   43.78%
False - rate for classified -   Pr( D| -)   31.61%
--------------------------------------------------
Correctly classified                        66.25%
--------------------------------------------------

. 
. 
. 
. ** Base specification + external finance
. 
.     global exog $BM lnsize lnage lnplc east $respond comp famcom group kapint rating $id

.     probit $endog $exog

Iteration 0:   log likelihood = -1611.7826  
Iteration 1:   log likelihood = -1490.8441  
Iteration 2:   log likelihood = -1489.7244  
Iteration 3:   log likelihood = -1489.7075  
Iteration 4:   log likelihood = -1489.7075  

Probit regression                                 Number of obs   =       2468
                                                  LR chi2(32)     =     244.15
                                                  Prob > chi2     =     0.0000
Log likelihood = -1489.7075                       Pseudo R2       =     0.0757

------------------------------------------------------------------------------
         con |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
        b1m0 |   .5481335   .1526077     3.59   0.000      .249028     .847239
        b1m1 |   .2587604   .0924175     2.80   0.005     .0776254    .4398953
        b1m2 |   .3532387   .1055857     3.35   0.001     .1462944     .560183
        b0m0 |    .060325   .1219459     0.49   0.621    -.1786847    .2993347
        b0m1 |  -.1102213   .0785084    -1.40   0.160    -.2640949    .0436523
      lnsize |   .1390349   .0221357     6.28   0.000     .0956498    .1824201
       lnage |    .007222   .0376934     0.19   0.848    -.0666556    .0810996
       lnplc |  -.0393435   .0298554    -1.32   0.188     -.097859     .019172
        east |  -.0882637    .062059    -1.42   0.155    -.2098971    .0333698
     finance |  -.3050841   .0836729    -3.65   0.000    -.4690799   -.1410883
          RD |   .1099178   .1152431     0.95   0.340    -.1159545      .33579
     kaufman |  -.2072425   .1084442    -1.91   0.056    -.4197892    .0053043
       other |  -.1192006   .1136029    -1.05   0.294    -.3418581     .103457
        comp |   .0000612   .0004346     0.14   0.888    -.0007907     .000913
      famcom |   .1017225   .0632372     1.61   0.108    -.0222201    .2256652
       group |  -.0409071   .0681335    -0.60   0.548    -.1744464    .0926322
      kapint |  -.3075458   .2058741    -1.49   0.135    -.7110516      .09596
      rating |  -.0494392   .0451775    -1.09   0.274    -.1379855    .0391072
        br_2 |   .3383772   .2073261     1.63   0.103    -.0679746    .7447289
        br_3 |   .4792079   .2207683     2.17   0.030     .0465099    .9119059
        br_4 |   .3112032   .2004495     1.55   0.121    -.0816705     .704077
        br_5 |   .6022051   .2058774     2.93   0.003     .1986928    1.005717
        br_6 |   .5427939   .2120554     2.56   0.010     .1271729    .9584149
        br_7 |   .6688298    .214457     3.12   0.002     .2485018    1.089158
        br_8 |    .562915   .1955599     2.88   0.004     .1796246    .9462054
        br_9 |   .5648775    .199381     2.83   0.005      .174098     .955657
       br_10 |   .7458534    .207734     3.59   0.000     .3387022    1.153004
       br_11 |   .7769375   .2062543     3.77   0.000     .3726864    1.181189
       br_12 |   .6576511   .2226446     2.95   0.003     .2212757    1.094027
       br_13 |   .5176118   .2160251     2.40   0.017     .0942105    .9410132
       br_14 |   .0680157   .2429964     0.28   0.780    -.4082484    .5442798
       br_15 |  -.0446814    .234052    -0.19   0.849    -.5034149     .414052
       _cons |  -1.242102   .2816597    -4.41   0.000    -1.794145   -.6900589
------------------------------------------------------------------------------

.     lmtest "$id east"
Test on heteroskedasticity (see Verbeek): 26.710581, df: 15, p-value: .03118484

.     normtest
Test on normality (see Verbeek): 1.4956002, df: 2, p-value: .47340685

. 
.     probit con $BM lnsize lnage lnplc east $respond comp famcom group kapint rating $id, robust cluster(cls)

Iteration 0:   log pseudolikelihood = -1611.7826  
Iteration 1:   log pseudolikelihood = -1490.8441  
Iteration 2:   log pseudolikelihood = -1489.7244  
Iteration 3:   log pseudolikelihood = -1489.7075  
Iteration 4:   log pseudolikelihood = -1489.7075  

Probit regression                                 Number of obs   =       2468
                                                  Wald chi2(28)   =          .
                                                  Prob > chi2     =          .
Log pseudolikelihood = -1489.7075                 Pseudo R2       =     0.0757

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
             |               Robust
         con |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
        b1m0 |   .5481335    .152263     3.60   0.000     .2497036    .8465634
        b1m1 |   .2587604   .0891915     2.90   0.004     .0839482    .4335725
        b1m2 |   .3532387   .1411575     2.50   0.012      .076575    .6299024
        b0m0 |    .060325   .1397764     0.43   0.666    -.2136316    .3342817
        b0m1 |  -.1102213   .0673581    -1.64   0.102    -.2422407    .0217981
      lnsize |   .1390349   .0186927     7.44   0.000     .1023978     .175672
       lnage |    .007222   .0366052     0.20   0.844    -.0645229     .078967
       lnplc |  -.0393435   .0358842    -1.10   0.273    -.1096752    .0309882
        east |  -.0882637   .0556937    -1.58   0.113    -.1974214    .0208941
     finance |  -.3050841   .0819842    -3.72   0.000    -.4657702   -.1443981
          RD |   .1099178   .1072925     1.02   0.306    -.1003717    .3202072
     kaufman |  -.2072425   .1141334    -1.82   0.069    -.4309399     .016455
       other |  -.1192006   .1099678    -1.08   0.278    -.3347335    .0963323
        comp |   .0000612   .0003492     0.18   0.861    -.0006232    .0007455
      famcom |   .1017225   .0522293     1.95   0.051     -.000645    .2040901
       group |  -.0409071    .085488    -0.48   0.632    -.2084605    .1266463
      kapint |  -.3075458     .15096    -2.04   0.042     -.603422   -.0116696
      rating |  -.0494392   .0407901    -1.21   0.225    -.1293862    .0305079
        br_2 |   .3383772   .2646137     1.28   0.201    -.1802561    .8570104
        br_3 |   .4792079   .3016164     1.59   0.112    -.1119494    1.070365
        br_4 |   .3112032   .2634853     1.18   0.238    -.2052185     .827625
        br_5 |   .6022051   .2709145     2.22   0.026     .0712223    1.133188
        br_6 |   .5427939   .2781306     1.95   0.051    -.0023321     1.08792
        br_7 |   .6688298   .2651737     2.52   0.012     .1490989    1.188561
        br_8 |    .562915    .262832     2.14   0.032     .0477738    1.078056
        br_9 |   .5648775   .2848661     1.98   0.047     .0065502    1.123205
       br_10 |   .7458534   .2798635     2.67   0.008      .197331    1.294376
       br_11 |   .7769375   .2704415     2.87   0.004     .2468819    1.306993
       br_12 |   .6576511   .2993072     2.20   0.028     .0710198    1.244282
       br_13 |   .5176118   .2740159     1.89   0.059    -.0194495    1.054673
       br_14 |   .0680157   .3021711     0.23   0.822    -.5242288    .6602602
       br_15 |  -.0446814   .2848273    -0.16   0.875    -.6029326    .5135697
       _cons |  -1.242102   .3422502    -3.63   0.000      -1.9129   -.5713038
------------------------------------------------------------------------------

.     fitstat

Measures of Fit for probit of con

Log-Lik Intercept Only:    -1611.783     Log-Lik Full Model:        -1489.708
D(2435):                    2979.415     LR(28):                      244.150
                                         Prob > LR:                     0.000
McFadden's R2:                 0.076     McFadden's Adj R2:             0.055
Maximum Likelihood R2:         0.094     Cragg & Uhler's R2:            0.129
McKelvey and Zavoina's R2:     0.164     Efron's R2:                    0.093
Variance of y*:                1.197     Variance of error:             1.000
Count R2:                      0.657     Adj Count R2:                  0.045
AIC:                           1.234     AIC*n:                      3045.415
BIC:                      -16040.768     BIC':                        -25.438

.     
.     dprobit con $BM lnsize lnage lnplc east $respond comp famcom group kapint rating $id, robust cluster(cls)

Iteration 0:   log pseudolikelihood = -1611.7826
Iteration 1:   log pseudolikelihood = -1491.6406
Iteration 2:   log pseudolikelihood = -1489.7654
Iteration 3:   log pseudolikelihood = -1489.7077
Iteration 4:   log pseudolikelihood = -1489.7075

Probit regression, reporting marginal effects           Number of obs =   2468
                                                        Wald chi2(28) =      .
                                                        Prob > chi2   =      .
Log pseudolikelihood = -1489.7075                       Pseudo R2     = 0.0757

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
         |               Robust
     con |      dF/dx   Std. Err.      z    P>|z|     x-bar  [    95% C.I.   ]
---------+--------------------------------------------------------------------
    b1m0*|   .2137805   .0600805     3.60   0.000   .039303   .096025  .331536
    b1m1*|   .0980138   .0344207     2.90   0.004   .179903    .03055  .165477
    b1m2*|   .1356057   .0554589     2.50   0.012   .110211   .026908  .244303
    b0m0*|    .022462   .0525266     0.43   0.666   .070908  -.080488  .125412
    b0m1*|  -.0404974   .0246935    -1.64   0.102   .429903  -.088896  .007901
  lnsize |   .0512642   .0068391     7.44   0.000    3.9526    .03786  .064669
   lnage |   .0026629   .0135009     0.20   0.844   2.81865  -.023798  .029124
   lnplc |  -.0145065   .0132631    -1.10   0.273   2.47066  -.040502  .011489
    east*|  -.0323111   .0201457    -1.58   0.113   .306726  -.071796  .007174
 finance*|  -.1070087   .0270374    -3.72   0.000   .156807  -.160001 -.054016
      RD*|   .0412436   .0408689     1.02   0.306   .062399  -.038858  .121345
 kaufman*|  -.0734102   .0385781    -1.82   0.069   .076175  -.149022  .002201
   other*|  -.0429733   .0387159    -1.08   0.278   .063209  -.118855  .032908
    comp |   .0000225   .0001288     0.18   0.861   43.6851   -.00023  .000275
  famcom*|   .0372378   .0189311     1.95   0.051   .665721   .000134  .074342
   group*|  -.0150404   .0313351    -0.48   0.632   .330632  -.076456  .046375
  kapint |  -.1133967   .0555219    -2.04   0.042   .088745  -.222218 -.004576
  rating |   -.018229   .0150305    -1.21   0.225   2.27288  -.047688   .01123
    br_2*|   .1302126   .1043426     1.28   0.201   .069692  -.074295   .33472
    br_3*|   .1863997   .1194905     1.59   0.112   .045786  -.047797  .420597
    br_4*|    .119169   .1032614     1.18   0.238   .101297   -.08322  .321558
    br_5*|   .2345684   .1057898     2.22   0.026    .06564   .027224  .441913
    br_6*|   .2113565   .1094918     1.95   0.051   .057942  -.003243  .425956
    br_7*|   .2608084   .1022909     2.52   0.012   .047812   .060322  .461295
    br_8*|   .2179112   .1027234     2.14   0.032   .126418   .016577  .419245
    br_9*|   .2190947   .1117294     1.98   0.047   .107374   .000109   .43808
   br_10*|   .2899044   .1062987     2.67   0.008   .075365   .081563  .498246
   br_11*|   .3016422   .1019382     2.87   0.004   .078201   .101847  .501437
   br_12*|   .2565981   .1157553     2.20   0.028   .040519   .029722  .483474
   br_13*|   .2015618   .1081485     1.89   0.059   .049028  -.010405  .413529
   br_14*|   .0253641    .113831     0.23   0.822   .057536  -.197741  .248469
   br_15*|   -.016338   .1032938    -0.16   0.875   .045786   -.21879  .186114
---------+--------------------------------------------------------------------
  obs. P |   .3594003
 pred. P |   .3456937  (at x-bar)
------------------------------------------------------------------------------
(*) dF/dx is for discrete change of dummy variable from 0 to 1
    z and P>|z| correspond to the test of the underlying coefficient being 0

.     est store m2 

. 
.     ** Test H1: (1) beta1 (b1m0) > beta4 (b0m0); (2) beta2 (b1m1) > beta5 (b0m1); (3) beta3 (b1m2) > 0
.     ** compare pairwise hypotheses with adjusted significance level alpha/3 (Bonferroni)
.     sca bonfi10=0.1/3

.     sca bonfi5=0.05/3

.     sca bonfi1=0.01/3

.     sca di bonfi10 bonfi5 bonfi1
   bonfi10 =  .03333333
    bonfi5 =  .01666667
    bonfi1 =  .00333333

. 
.     sca sidak10=1-(1-0.1)^(1/3)

.     sca sidak5=1-(1-0.05)^(1/3)

.     sca sidak1=1-(1-0.01)^(1/3)

.     sca di sidak10 sidak5 sidak1
   sidak10 =  .03451062
    sidak5 =  .01695243
    sidak1 =  .00334451

. 
.     ** figures " 1 4" just indicate which coefficients are tested, no other meaning
.     uetest  b0m0 b1m0  1 4  

 ( 1)  - b1m0 + b0m0 = 0

           chi2(  1) =    6.06
         Prob > chi2 =    0.0138

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0068946           0   .0068946   .0068946

.     uetest  b0m1 b1m1  2 5

 ( 1)  - b1m1 + b0m1 = 0

           chi2(  1) =   25.48
         Prob > chi2 =    0.0000

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    2.23e-07           0   2.23e-07   2.23e-07

.     * two-sided test => one-sided test: pvalue/2 
.     test b1m2=0

 ( 1)  b1m2 = 0

           chi2(  1) =    6.26
         Prob > chi2 =    0.0123

.     
.           
.     ** Test H2a: (1) beta1 (b1m0) > beta2 (b1m1); (2) beta1 (b1m0) > beta3 (b1m2); (3) beta2 (b1m1) > beta3 (b1m2)
.     uetest  b1m1 b1m0 1 2  

 ( 1)  - b1m0 + b1m1 = 0

           chi2(  1) =    5.05
         Prob > chi2 =    0.0246

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0122856           0   .0122856   .0122856

.     uetest  b1m2 b1m0 1 3

 ( 1)  - b1m0 + b1m2 = 0

           chi2(  1) =    2.65
         Prob > chi2 =    0.1037

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0518337           0   .0518337   .0518337

.     uetest  b1m2 b1m1 2 3

 ( 1)  - b1m1 + b1m2 = 0

           chi2(  1) =    0.70
         Prob > chi2 =    0.4023

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .7988272           0   .7988272   .7988272

. 
.     testparm br_*

 ( 1)  br_2 = 0
 ( 2)  br_3 = 0
 ( 3)  br_4 = 0
 ( 4)  br_5 = 0
 ( 5)  br_6 = 0
 ( 6)  br_7 = 0
 ( 7)  br_8 = 0
 ( 8)  br_9 = 0
 ( 9)  br_10 = 0
 (10)  br_11 = 0
 (11)  br_12 = 0
 (12)  br_13 = 0
 (13)  br_14 = 0
 (14)  br_15 = 0

           chi2( 14) =  370.10
         Prob > chi2 =    0.0000

.     test famcom group kapint rating 

 ( 1)  famcom = 0
 ( 2)  group = 0
 ( 3)  kapint = 0
 ( 4)  rating = 0

           chi2(  4) =    8.92
         Prob > chi2 =    0.0631

.     lstat

Probit model for con

              -------- True --------
Classified |         D            ~D  |      Total
-----------+--------------------------+-----------
     +     |       237           197  |        434
     -     |       650          1384  |       2034
-----------+--------------------------+-----------
   Total   |       887          1581  |       2468

Classified + if predicted Pr(D) >= .5
True D defined as con != 0
--------------------------------------------------
Sensitivity                     Pr( +| D)   26.72%
Specificity                     Pr( -|~D)   87.54%
Positive predictive value       Pr( D| +)   54.61%
Negative predictive value       Pr(~D| -)   68.04%
--------------------------------------------------
False + rate for true ~D        Pr( +|~D)   12.46%
False - rate for true D         Pr( -| D)   73.28%
False + rate for classified +   Pr(~D| +)   45.39%
False - rate for classified -   Pr( D| -)   31.96%
--------------------------------------------------
Correctly classified                        65.68%
--------------------------------------------------

.  
.  
. ** Base specification + external finance + Cash classes
. 
.     * ordinary probit
.     global endog con 

.     global exog $BM lnsize lnage lnplc east $respond comp famcom group kapint rating $cashclasses $id

.     probit $endog $exog

Iteration 0:   log likelihood = -1611.7826  
Iteration 1:   log likelihood =  -1481.443  
Iteration 2:   log likelihood = -1480.1542  
Iteration 3:   log likelihood = -1480.1338  
Iteration 4:   log likelihood = -1480.1338  

Probit regression                                 Number of obs   =       2468
                                                  LR chi2(36)     =     263.30
                                                  Prob > chi2     =     0.0000
Log likelihood = -1480.1338                       Pseudo R2       =     0.0817

------------------------------------------------------------------------------
         con |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
        b1m0 |   .5795967   .1540607     3.76   0.000     .2776433    .8815501
        b1m1 |   .2507909   .0926033     2.71   0.007     .0692917    .4322901
        b1m2 |   .3540819   .1062873     3.33   0.001     .1457625    .5624013
        b0m0 |   .0711154   .1226123     0.58   0.562    -.1692003    .3114311
        b0m1 |  -.1148805   .0787636    -1.46   0.145    -.2692543    .0394932
      lnsize |   .0445837   .0362347     1.23   0.219    -.0264351    .1156025
       lnage |  -.0013267    .037839    -0.04   0.972    -.0754898    .0728363
       lnplc |  -.0368779   .0299466    -1.23   0.218    -.0955721    .0218163
        east |  -.0648327   .0630927    -1.03   0.304    -.1884922    .0588268
     finance |  -.3262885   .0843121    -3.87   0.000    -.4915371   -.1610399
          RD |   .1264883   .1156703     1.09   0.274    -.1002214     .353198
     kaufman |  -.2384591   .1088847    -2.19   0.029    -.4518691    -.025049
       other |   -.133786   .1141315    -1.17   0.241    -.3574797    .0899076
        comp |   6.26e-06   .0004366     0.01   0.989    -.0008495     .000862
      famcom |   .1005407   .0638178     1.58   0.115    -.0245398    .2256212
       group |  -.0884047   .0710084    -1.24   0.213    -.2275786    .0507692
      kapint |  -.3646273   .2116546    -1.72   0.085    -.7794628    .0502082
      rating |  -.0335333   .0454896    -0.74   0.461    -.1226913    .0556246
   lncashc_2 |   .2723601   .0942802     2.89   0.004     .0875743    .4571459
   lncashc_3 |   .2808238   .1106812     2.54   0.011     .0638926     .497755
   lncashc_4 |   .5637084   .1339998     4.21   0.000     .3010737    .8263432
   lncashc_5 |    .591182   .1839817     3.21   0.001     .2305846    .9517795
        br_2 |   .3552426   .2089021     1.70   0.089    -.0541979    .7646832
        br_3 |   .4905657   .2226856     2.20   0.028       .05411    .9270214
        br_4 |   .3069929   .2019284     1.52   0.128    -.0887795    .7027652
        br_5 |   .5910345   .2073515     2.85   0.004      .184633    .9974361
        br_6 |   .5412072   .2134673     2.54   0.011     .1228189    .9595955
        br_7 |   .6782679   .2158357     3.14   0.002     .2552378    1.101298
        br_8 |   .5696463   .1970829     2.89   0.004     .1833709    .9559217
        br_9 |   .5644789   .2007616     2.81   0.005     .1709934    .9579644
       br_10 |    .756899   .2091382     3.62   0.000     .3469956    1.166802
       br_11 |   .7887197   .2078492     3.79   0.000     .3813428    1.196097
       br_12 |   .6684763   .2243273     2.98   0.003      .228803     1.10815
       br_13 |   .5123802   .2171976     2.36   0.018     .0866807    .9380797
       br_14 |   .0418087   .2451223     0.17   0.865    -.4386221    .5222396
       br_15 |  -.0325647   .2356649    -0.14   0.890    -.4944595    .4293301
       _cons |  -1.211591   .2881575    -4.20   0.000     -1.77637   -.6468128
------------------------------------------------------------------------------

.     lmtest "$id east"
Test on heteroskedasticity (see Verbeek): 21.734632, df: 15, p-value: .11495329

.     normtest
Test on normality (see Verbeek): .8188476, df: 2, p-value: .66403276

. 
.     probit con $BM lnsize lnage lnplc east $respond comp famcom group kapint rating $cashclasses $id, robust cluster(cls)

Iteration 0:   log pseudolikelihood = -1611.7826  
Iteration 1:   log pseudolikelihood =  -1481.443  
Iteration 2:   log pseudolikelihood = -1480.1542  
Iteration 3:   log pseudolikelihood = -1480.1338  
Iteration 4:   log pseudolikelihood = -1480.1338  

Probit regression                                 Number of obs   =       2468
                                                  Wald chi2(28)   =          .
                                                  Prob > chi2     =          .
Log pseudolikelihood = -1480.1338                 Pseudo R2       =     0.0817

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
             |               Robust
         con |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
        b1m0 |   .5795967   .1545056     3.75   0.000     .2767713    .8824221
        b1m1 |   .2507909   .0883421     2.84   0.005     .0776437    .4239381
        b1m2 |   .3540819    .140092     2.53   0.011     .0795066    .6286573
        b0m0 |   .0711154   .1420691     0.50   0.617    -.2073349    .3495657
        b0m1 |  -.1148805   .0672646    -1.71   0.088    -.2467167    .0169556
      lnsize |   .0445837   .0378275     1.18   0.239    -.0295568    .1187242
       lnage |  -.0013267   .0353111    -0.04   0.970    -.0705352    .0678817
       lnplc |  -.0368779    .035932    -1.03   0.305    -.1073033    .0335475
        east |  -.0648327   .0562754    -1.15   0.249    -.1751304     .045465
     finance |  -.3262885   .0827678    -3.94   0.000    -.4885105   -.1640665
          RD |   .1264883   .1053769     1.20   0.230    -.0800466    .3330232
     kaufman |  -.2384591   .1177156    -2.03   0.043    -.4691774   -.0077408
       other |   -.133786   .1110777    -1.20   0.228    -.3514942    .0839222
        comp |   6.26e-06   .0003471     0.02   0.986    -.0006741    .0006866
      famcom |   .1005407    .051959     1.94   0.053    -.0012971    .2023785
       group |  -.0884047   .0919753    -0.96   0.336    -.2686731    .0918636
      kapint |  -.3646273   .1596055    -2.28   0.022    -.6774483   -.0518062
      rating |  -.0335333   .0399776    -0.84   0.402     -.111888    .0448213
   lncashc_2 |   .2723601   .1066015     2.55   0.011     .0634249    .4812953
   lncashc_3 |   .2808238   .1096066     2.56   0.010     .0659989    .4956488
   lncashc_4 |   .5637084   .1364512     4.13   0.000      .296269    .8311478
   lncashc_5 |    .591182   .1866289     3.17   0.002     .2253961     .956968
        br_2 |   .3552426   .2517869     1.41   0.158    -.1382507    .8487359
        br_3 |   .4905657    .294776     1.66   0.096    -.0871846    1.068316
        br_4 |   .3069929   .2513146     1.22   0.222    -.1855747    .7995605
        br_5 |   .5910345   .2583852     2.29   0.022     .0846087     1.09746
        br_6 |   .5412072   .2681917     2.02   0.044     .0155612    1.066853
        br_7 |   .6782679   .2533178     2.68   0.007     .1817741    1.174762
        br_8 |   .5696463   .2508109     2.27   0.023      .078066    1.061227
        br_9 |   .5644789   .2734363     2.06   0.039     .0285536    1.100404
       br_10 |    .756899   .2661784     2.84   0.004     .2351989    1.278599
       br_11 |   .7887197    .257473     3.06   0.002      .284082    1.293357
       br_12 |   .6684763   .2843813     2.35   0.019     .1110993    1.225853
       br_13 |   .5123802   .2629775     1.95   0.051    -.0030462    1.027807
       br_14 |   .0418087   .2868318     0.15   0.884    -.5203712    .6039886
       br_15 |  -.0325647   .2696719    -0.12   0.904    -.5611118    .4959824
       _cons |  -1.211591   .3331093    -3.64   0.000    -1.864473    -.558709
------------------------------------------------------------------------------

.     fitstat

Measures of Fit for probit of con

Log-Lik Intercept Only:    -1611.783     Log-Lik Full Model:        -1480.134
D(2431):                    2960.268     LR(28):                      263.298
                                         Prob > LR:                     0.000
McFadden's R2:                 0.082     McFadden's Adj R2:             0.059
Maximum Likelihood R2:         0.101     Cragg & Uhler's R2:            0.139
McKelvey and Zavoina's R2:     0.177     Efron's R2:                    0.100
Variance of y*:                1.215     Variance of error:             1.000
Count R2:                      0.665     Adj Count R2:                  0.068
AIC:                           1.229     AIC*n:                      3034.268
BIC:                      -16028.671     BIC':                        -44.585

.     
.     
.     dprobit con $BM lnsize lnage lnplc east $respond comp famcom group kapint rating $cashclasses $id, robust cluster(cls)

Iteration 0:   log pseudolikelihood = -1611.7826
Iteration 1:   log pseudolikelihood = -1482.4677
Iteration 2:   log pseudolikelihood = -1480.2088
Iteration 3:   log pseudolikelihood =  -1480.134
Iteration 4:   log pseudolikelihood = -1480.1338

Probit regression, reporting marginal effects           Number of obs =   2468
                                                        Wald chi2(28) =      .
                                                        Prob > chi2   =      .
Log pseudolikelihood = -1480.1338                       Pseudo R2     = 0.0817

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
         |               Robust
     con |      dF/dx   Std. Err.      z    P>|z|     x-bar  [    95% C.I.   ]
---------+--------------------------------------------------------------------
    b1m0*|   .2260653   .0607435     3.75   0.000   .039303    .10701   .34512
    b1m1*|   .0948301   .0340466     2.84   0.005   .179903     .0281   .16156
    b1m2*|    .135817   .0550251     2.53   0.011   .110211    .02797  .243664
    b0m0*|   .0264901   .0534892     0.50   0.617   .070908  -.078347  .131327
    b0m1*|  -.0421432   .0246105    -1.71   0.088   .429903  -.090379  .006092
  lnsize |   .0164161   .0139216     1.18   0.239    3.9526   -.01087  .043702
   lnage |  -.0004885   .0130011    -0.04   0.970   2.81865   -.02597  .024993
   lnplc |  -.0135788   .0132593    -1.03   0.305   2.47066  -.039567  .012409
    east*|  -.0237472   .0204366    -1.15   0.249   .306726  -.063802  .016308
 finance*|  -.1137839   .0270155    -3.94   0.000   .156807  -.166733 -.060834
      RD*|   .0475171   .0402508     1.20   0.230   .062399  -.031373  .126407
 kaufman*|  -.0837424   .0390733    -2.03   0.043   .076175  -.160325  -.00716
   other*|  -.0480115   .0387895    -1.20   0.228   .063209  -.124038  .028014
    comp |   2.31e-06   .0001278     0.02   0.986   43.6851  -.000248  .000253
  famcom*|   .0367559   .0188036     1.94   0.053   .665721  -.000099   .07361
   group*|  -.0323445   .0334099    -0.96   0.336   .330632  -.097827  .033138
  kapint |  -.1342591   .0585762    -2.28   0.022   .088745  -.249066 -.019452
  rating |  -.0123473   .0147137    -0.84   0.402   2.27288  -.041186  .016491
lncas~_2*|   .1029843   .0411352     2.55   0.011   .200567   .022361  .183608
lncas~_3*|   .1062471   .0423115     2.56   0.010   .200972   .023318  .189176
lncash~4*|   .2162444   .0530273     4.13   0.000   .199757   .112313  .320176
lncash~5*|   .2268917    .072445     3.17   0.002   .200567   .084902  .368881
    br_2*|   .1367692    .099354     1.41   0.158   .069692  -.057961    .3315
    br_3*|   .1907907     .11675     1.66   0.096   .045786  -.038035  .419617
    br_4*|    .117404   .0984022     1.22   0.222   .101297  -.075461  .310269
    br_5*|   .2300826   .1010901     2.29   0.022    .06564    .03195  .428216
    br_6*|   .2106177   .1056413     2.02   0.044   .057942   .003565  .417671
    br_7*|   .2643718   .0975883     2.68   0.007   .047812   .073102  .455641
    br_8*|   .2204127   .0979824     2.27   0.023   .126418   .028371  .412455
    br_9*|   .2188082   .1072876     2.06   0.039   .107374   .008528  .429088
   br_10*|   .2940272   .1009008     2.84   0.004   .075365   .096265  .491789
   br_11*|   .3060175   .0968224     3.06   0.002   .078201   .116249  .495786
   br_12*|   .2607056   .1097998     2.35   0.019   .040519   .045502  .475909
   br_13*|   .1993793   .1038681     1.95   0.051   .049028  -.004198  .402957
   br_14*|   .0155052   .1070722     0.15   0.884   .057536  -.194353  .225363
   br_15*|  -.0119181   .0981099    -0.12   0.904   .045786   -.20421  .180374
---------+--------------------------------------------------------------------
  obs. P |   .3594003
 pred. P |   .3444249  (at x-bar)
------------------------------------------------------------------------------
(*) dF/dx is for discrete change of dummy variable from 0 to 1
    z and P>|z| correspond to the test of the underlying coefficient being 0

.     est store m3 

. 
.     ** Test H1: (1) beta1 (b1m0) > beta4 (b0m0); (2) beta2 (b1m1) > beta5 (b0m1); (3) beta3 (b1m2) > 0
.     ** compare pairwise hypotheses with adjusted significance level alpha/3 (Bonferroni)
.     sca bonfi10=0.1/3

.     sca bonfi5=0.05/3

.     sca bonfi1=0.01/3

.     sca di bonfi10 bonfi5 bonfi1
   bonfi10 =  .03333333
    bonfi5 =  .01666667
    bonfi1 =  .00333333

. 
.     sca sidak10=1-(1-0.1)^(1/3)

.     sca sidak5=1-(1-0.05)^(1/3)

.     sca sidak1=1-(1-0.01)^(1/3)

.     sca di sidak10 sidak5 sidak1
   sidak10 =  .03451062
    sidak5 =  .01695243
    sidak1 =  .00334451

. 
.     ** figures " 1 4" just indicate which coefficients are tested, no other meaning
.     uetest  b0m0 b1m0  1 4  

 ( 1)  - b1m0 + b0m0 = 0

           chi2(  1) =    6.29
         Prob > chi2 =    0.0121

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0060636           0   .0060636   .0060636

.     uetest  b0m1 b1m1  2 5

 ( 1)  - b1m1 + b0m1 = 0

           chi2(  1) =   22.74
         Prob > chi2 =    0.0000

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    9.28e-07           0   9.28e-07   9.28e-07

.     * two-sided test => one-sided test: pvalue/2 
.     test b1m2=0

 ( 1)  b1m2 = 0

           chi2(  1) =    6.39
         Prob > chi2 =    0.0115

.     
.           
.     ** Test H2a: (1) beta1 (b1m0) > beta2 (b1m1); (2) beta1 (b1m0) > beta3 (b1m2); (3) beta2 (b1m1) > beta3 (b1m2)
.     uetest  b1m1 b1m0 1 2  

 ( 1)  - b1m0 + b1m1 = 0

           chi2(  1) =    5.94
         Prob > chi2 =    0.0148

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0073992           0   .0073992   .0073992

.     uetest  b1m2 b1m0 1 3

 ( 1)  - b1m0 + b1m2 = 0

           chi2(  1) =    3.17
         Prob > chi2 =    0.0751

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0375716           0   .0375716   .0375716

.     uetest  b1m2 b1m1 2 3

 ( 1)  - b1m1 + b1m2 = 0

           chi2(  1) =    0.81
         Prob > chi2 =    0.3667

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .8166467           0   .8166467   .8166467

. 
.     testparm br_*

 ( 1)  br_2 = 0
 ( 2)  br_3 = 0
 ( 3)  br_4 = 0
 ( 4)  br_5 = 0
 ( 5)  br_6 = 0
 ( 6)  br_7 = 0
 ( 7)  br_8 = 0
 ( 8)  br_9 = 0
 ( 9)  br_10 = 0
 (10)  br_11 = 0
 (11)  br_12 = 0
 (12)  br_13 = 0
 (13)  br_14 = 0
 (14)  br_15 = 0

           chi2( 14) =  392.72
         Prob > chi2 =    0.0000

.     test famcom group kapint rating 

 ( 1)  famcom = 0
 ( 2)  group = 0
 ( 3)  kapint = 0
 ( 4)  rating = 0

           chi2(  4) =   10.18
         Prob > chi2 =    0.0375

.     lstat

Probit model for con

              -------- True --------
Classified |         D            ~D  |      Total
-----------+--------------------------+-----------
     +     |       269           209  |        478
     -     |       618          1372  |       1990
-----------+--------------------------+-----------
   Total   |       887          1581  |       2468

Classified + if predicted Pr(D) >= .5
True D defined as con != 0
--------------------------------------------------
Sensitivity                     Pr( +| D)   30.33%
Specificity                     Pr( -|~D)   86.78%
Positive predictive value       Pr( D| +)   56.28%
Negative predictive value       Pr(~D| -)   68.94%
--------------------------------------------------
False + rate for true ~D        Pr( +|~D)   13.22%
False - rate for true D         Pr( -| D)   69.67%
False + rate for classified +   Pr(~D| +)   43.72%
False - rate for classified -   Pr( D| -)   31.06%
--------------------------------------------------
Correctly classified                        66.49%
--------------------------------------------------

. 
.    
.     estout m1 m2 m3, cells(b(star fmt(3)) se(par fmt(3))) var(8) model(10) style(smcl) starlevels(* 0.10 ** 0.05 *** 0.01) 

--------------------------------------------------
                 m1            m2            m3   
               b/se          b/se          b/se   
--------------------------------------------------
b1m0          0.504***      0.548***      0.580***
            (0.155)       (0.152)       (0.155)   
b1m1          0.254***      0.259***      0.251***
            (0.091)       (0.089)       (0.088)   
b1m2          0.352**       0.353**       0.354** 
            (0.143)       (0.141)       (0.140)   
b0m0          0.048         0.060         0.071   
            (0.137)       (0.140)       (0.142)   
b0m1         -0.103        -0.110        -0.115*  
            (0.066)       (0.067)       (0.067)   
lnsize        0.135***      0.139***      0.045   
            (0.019)       (0.019)       (0.038)   
lnage         0.014         0.007        -0.001   
            (0.038)       (0.037)       (0.035)   
lnplc        -0.040        -0.039        -0.037   
            (0.036)       (0.036)       (0.036)   
east         -0.111**      -0.088        -0.065   
            (0.053)       (0.056)       (0.056)   
finance      -0.325***     -0.305***     -0.326***
            (0.081)       (0.082)       (0.083)   
RD            0.092         0.110         0.126   
            (0.110)       (0.107)       (0.105)   
kaufman      -0.217*       -0.207*       -0.238** 
            (0.114)       (0.114)       (0.118)   
other        -0.124        -0.119        -0.134   
            (0.112)       (0.110)       (0.111)   
comp          0.000         0.000         0.000   
            (0.000)       (0.000)       (0.000)   
br_2          0.389         0.338         0.355   
            (0.264)       (0.265)       (0.252)   
br_3          0.528*        0.479         0.491*  
            (0.299)       (0.302)       (0.295)   
br_4          0.355         0.311         0.307   
            (0.263)       (0.263)       (0.251)   
br_5          0.624**       0.602**       0.591** 
            (0.269)       (0.271)       (0.258)   
br_6          0.596**       0.543*        0.541** 
            (0.279)       (0.278)       (0.268)   
br_7          0.707***      0.669**       0.678***
            (0.264)       (0.265)       (0.253)   
br_8          0.602**       0.563**       0.570** 
            (0.262)       (0.263)       (0.251)   
br_9          0.610**       0.565**       0.564** 
            (0.283)       (0.285)       (0.273)   
br_10         0.787***      0.746***      0.757***
            (0.279)       (0.280)       (0.266)   
br_11         0.822***      0.777***      0.789***
            (0.269)       (0.270)       (0.257)   
br_12         0.683**       0.658**       0.668** 
            (0.294)       (0.299)       (0.284)   
br_13         0.553**       0.518*        0.512*  
            (0.274)       (0.274)       (0.263)   
br_14        -0.126         0.068         0.042   
            (0.283)       (0.302)       (0.287)   
br_15        -0.002        -0.045        -0.033   
            (0.282)       (0.285)       (0.270)   
famcom                      0.102*        0.101*  
                          (0.052)       (0.052)   
group                      -0.041        -0.088   
                          (0.085)       (0.092)   
kapint                     -0.308**      -0.365** 
                          (0.151)       (0.160)   
rating                     -0.049        -0.034   
                          (0.041)       (0.040)   
lncas~_2                                  0.272** 
                                        (0.107)   
lncas~_3                                  0.281** 
                                        (0.110)   
lncash~4                                  0.564***
                                        (0.136)   
lncash~5                                  0.591***
                                        (0.187)   
_cons        -1.337***     -1.242***     -1.212***
            (0.291)       (0.342)       (0.333)   
--------------------------------------------------

. 
. 
. ************************************************************************
. * TABLE IV: ordered Probit on the degree of financial constraints (type)
. ************************************************************************
. 
. ** Preferred specification: Base specification + external finance
. 
.     oprobit type $BM lnsize lnage lnplc east $respond comp famcom group kapint rating $id, robust cluster(cls)

Iteration 0:   log pseudolikelihood = -1789.7746  
Iteration 1:   log pseudolikelihood = -1665.4994  
Iteration 2:   log pseudolikelihood =  -1663.782  
Iteration 3:   log pseudolikelihood = -1663.7579  
Iteration 4:   log pseudolikelihood = -1663.7579  

Ordered probit regression                         Number of obs   =       2468
                                                  Wald chi2(27)   =          .
                                                  Prob > chi2     =          .
Log pseudolikelihood = -1663.7579                 Pseudo R2       =     0.0704

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
             |               Robust
        type |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
        b1m0 |   .5562448   .1281241     4.34   0.000     .3051262    .8073634
        b1m1 |   .2840762   .0796194     3.57   0.000      .128025    .4401274
        b1m2 |   .4085853    .119692     3.41   0.001     .1739933    .6431773
        b0m0 |   .0442835   .1293486     0.34   0.732    -.2092352    .2978022
        b0m1 |  -.0856703   .0599193    -1.43   0.153      -.20311    .0317695
      lnsize |   .1141795   .0152715     7.48   0.000     .0842478    .1441111
       lnage |   .0181855   .0391482     0.46   0.642    -.0585435    .0949145
       lnplc |  -.0391136   .0331895    -1.18   0.239    -.1041638    .0259367
        east |  -.1096781   .0574506    -1.91   0.056    -.2222792     .002923
     finance |  -.3215084   .0771147    -4.17   0.000    -.4726505   -.1703663
          RD |   .0798499   .0887476     0.90   0.368    -.0940921     .253792
     kaufman |    -.19813   .1028218    -1.93   0.054    -.3996571    .0033971
       other |  -.0713879   .1107307    -0.64   0.519     -.288416    .1456402
        comp |   .0000561   .0003079     0.18   0.855    -.0005474    .0006596
      famcom |   .0829607   .0513091     1.62   0.106    -.0176032    .1835246
       group |   .0202309    .071877     0.28   0.778    -.1206454    .1611073
      kapint |  -.3434295   .1583115    -2.17   0.030    -.6537144   -.0331446
      rating |  -.0343545   .0388016    -0.89   0.376    -.1104042    .0416953
        br_2 |   .3710788   .2628206     1.41   0.158    -.1440402    .8861978
        br_3 |   .4916563   .3097755     1.59   0.112    -.1154926    1.098805
        br_4 |   .3223334   .2613932     1.23   0.218    -.1899879    .8346548
        br_5 |   .6532921   .2681242     2.44   0.015     .1277784    1.178806
        br_6 |   .5777589   .2765073     2.09   0.037     .0358144    1.119703
        br_7 |   .6331393   .2620425     2.42   0.016     .1195454    1.146733
        br_8 |    .559278   .2607399     2.14   0.032     .0482372    1.070319
        br_9 |   .6095883   .2815446     2.17   0.030      .057771    1.161406
       br_10 |   .7586025   .2773783     2.73   0.006     .2149509    1.302254
       br_11 |   .7701409   .2686996     2.87   0.004     .2434995    1.296782
       br_12 |   .6729254   .2936017     2.29   0.022     .0974765    1.248374
       br_13 |   .5421726   .2680988     2.02   0.043     .0167085    1.067637
       br_14 |   .1077377   .2936338     0.37   0.714    -.4677739    .6832493
       br_15 |  -.0527344   .2783629    -0.19   0.850    -.5983157    .4928469
-------------+----------------------------------------------------------------
       /cut1 |   1.243106   .3199006                      .6161126      1.8701
       /cut2 |   3.111748    .327152                      2.470542    3.752954
------------------------------------------------------------------------------

.     
.     ** Test H1: (1) beta1 (b1m0) > beta4 (b0m0); (2) beta2 (b1m1) > beta5 (b0m1); (3) beta3 (b1m2) > 0
.     ** compare pairwise hypotheses with adjusted significance level alpha/3 (Bonferroni)
.     sca bonfi10=0.1/3

.     sca bonfi5=0.05/3

.     sca bonfi1=0.01/3

.     sca di bonfi10 bonfi5 bonfi1
   bonfi10 =  .03333333
    bonfi5 =  .01666667
    bonfi1 =  .00333333

. 
.     sca sidak10=1-(1-0.1)^(1/3)

.     sca sidak5=1-(1-0.05)^(1/3)

.     sca sidak1=1-(1-0.01)^(1/3)

.     sca di sidak10 sidak5 sidak1
   sidak10 =  .03451062
    sidak5 =  .01695243
    sidak1 =  .00334451

. 
.     ** figures " 1 4" just indicate which coefficients are tested, no other meaning
.     uetest  b0m0 b1m0  1 4  

 ( 1)  - [type]b1m0 + [type]b0m0 = 0

           chi2(  1) =    8.63
         Prob > chi2 =    0.0033

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0016517           0   .0016517   .0016517

.     uetest  b0m1 b1m1  2 5

 ( 1)  - [type]b1m1 + [type]b0m1 = 0

           chi2(  1) =   33.41
         Prob > chi2 =    0.0000

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    3.74e-09           0   3.74e-09   3.74e-09

.     * two-sided test => one-sided test: pvalue/2 
.     test b1m2=0

 ( 1)  [type]b1m2 = 0

           chi2(  1) =   11.65
         Prob > chi2 =    0.0006

.     
.           
.     ** Test H2a: (1) beta1 (b1m0) > beta2 (b1m1); (2) beta1 (b1m0) > beta3 (b1m2); (3) beta2 (b1m1) > beta3 (b1m2)
.     uetest  b1m1 b1m0 1 2  

 ( 1)  - [type]b1m0 + [type]b1m1 = 0

           chi2(  1) =    5.18
         Prob > chi2 =    0.0229

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0114389           0   .0114389   .0114389

.     uetest  b1m2 b1m0 1 3

 ( 1)  - [type]b1m0 + [type]b1m2 = 0

           chi2(  1) =    1.52
         Prob > chi2 =    0.2169

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .1084523           0   .1084523   .1084523

.     uetest  b1m2 b1m1 2 3

 ( 1)  - [type]b1m1 + [type]b1m2 = 0

           chi2(  1) =    1.82
         Prob > chi2 =    0.1774

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .9112821           0   .9112821   .9112821

.     
.     testparm br_*

 ( 1)  [type]br_2 = 0
 ( 2)  [type]br_3 = 0
 ( 3)  [type]br_4 = 0
 ( 4)  [type]br_5 = 0
 ( 5)  [type]br_6 = 0
 ( 6)  [type]br_7 = 0
 ( 7)  [type]br_8 = 0
 ( 8)  [type]br_9 = 0
 ( 9)  [type]br_10 = 0
 (10)  [type]br_11 = 0
 (11)  [type]br_12 = 0
 (12)  [type]br_13 = 0
 (13)  [type]br_14 = 0
 (14)  [type]br_15 = 0

           chi2( 14) =  277.87
         Prob > chi2 =    0.0000

.     test famcom group kapint rating 

 ( 1)  [type]famcom = 0
 ( 2)  [type]group = 0
 ( 3)  [type]kapint = 0
 ( 4)  [type]rating = 0

           chi2(  4) =    7.67
         Prob > chi2 =    0.1046

.     *fitstat
.    
.     mfx compute, predict (pr outcome(0)) varlist($BM lnsize lnage lnplc east $respond comp famcom group kapint rating)

Marginal effects after oprobit
      y  = Pr(type==0) (predict, pr outcome(0))
         =  .65427996
------------------------------------------------------------------------------
variable |      dy/dx    Std. Err.     z    P>|z|  [    95% C.I.   ]      X
---------+--------------------------------------------------------------------
    b1m0*|  -.2169803      .05053   -4.29   0.000  -.316027 -.117934   .039303
    b1m1*|  -.1078187      .03085   -3.50   0.000  -.168276 -.047362   .179903
    b1m2*|  -.1574299       .0471   -3.34   0.001  -.249745 -.065115   .110211
    b0m0*|  -.0164479      .04838   -0.34   0.734  -.111261  .078365   .070908
    b0m1*|   .0315049      .02201    1.43   0.152  -.011635  .074645   .429903
  lnsize |  -.0421008      .00556   -7.57   0.000  -.052998 -.031204    3.9526
   lnage |  -.0067054      .01445   -0.46   0.643  -.035024  .021613   2.81865
   lnplc |   .0144221      .01227    1.18   0.240  -.009627  .038471   2.47066
    east*|   .0400767      .02067    1.94   0.053  -.000443  .080596   .306726
 finance*|   .1124201      .02528    4.45   0.000    .06288   .16196   .156807
      RD*|  -.0298287      .03353   -0.89   0.374  -.095549  .035891   .062399
 kaufman*|   .0703236      .03491    2.01   0.044    .00191  .138737   .076175
   other*|   .0259816      .03978    0.65   0.514  -.051986   .10395   .063209
    comp |  -.0000207      .00011   -0.18   0.856  -.000243  .000202   43.6851
  famcom*|  -.0304131      .01863   -1.63   0.103  -.066934  .006108   .665721
   group*|  -.0074697      .02659   -0.28   0.779  -.059578  .044639   .330632
  kapint |   .1266311      .05808    2.18   0.029   .012806  .240456   .088745
  rating |   .0126673      .01429    0.89   0.375  -.015337  .040672   2.27288
------------------------------------------------------------------------------
(*) dy/dx is for discrete change of dummy variable from 0 to 1

.     mfx compute, predict (pr outcome(1)) varlist($BM lnsize lnage plnplclc east $respond comp famcom group kapint rating)
warning: variable plnplclc not found

Marginal effects after oprobit
      y  = Pr(type==1) (predict, pr outcome(1))
         =  .33398036
------------------------------------------------------------------------------
variable |      dy/dx    Std. Err.     z    P>|z|  [    95% C.I.   ]      X
---------+--------------------------------------------------------------------
    b1m0*|   .1863549      .03946    4.72   0.000   .109018  .263691   .039303
    b1m1*|   .0970323      .02731    3.55   0.000   .043514   .15055   .179903
    b1m2*|   .1392717      .03991    3.49   0.000   .061048  .217495   .110211
    b0m0*|   .0150309      .04409    0.34   0.733  -.071375  .101436   .070908
    b0m1*|  -.0289118      .02019   -1.43   0.152  -.068479  .010656   .429903
  lnsize |   .0386018      .00506    7.63   0.000   .028686  .048518    3.9526
   lnage |   .0061482      .01326    0.46   0.643  -.019833  .032129   2.81865
    east*|  -.0368671      .01906   -1.93   0.053  -.074217  .000483   .306726
 finance*|  -.1046406      .02374   -4.41   0.000  -.151179 -.058102   .156807
      RD*|    .027179      .03054    0.89   0.373  -.032675  .087033   .062399
 kaufman*|  -.0652845      .03267   -2.00   0.046  -.129323 -.001246   .076175
   other*|  -.0239423      .03693   -0.65   0.517   -.09632  .048435   .063209
    comp |    .000019       .0001    0.18   0.855  -.000185  .000223   43.6851
  famcom*|    .027946       .0172    1.62   0.104  -.005767  .061659   .665721
   group*|   .0068448      .02438    0.28   0.779  -.040942  .054632   .330632
  kapint |  -.1161066      .05281   -2.20   0.028  -.219609 -.012604   .088745
  rating |  -.0116146      .01311   -0.89   0.376  -.037315  .014086   2.27288
------------------------------------------------------------------------------
(*) dy/dx is for discrete change of dummy variable from 0 to 1

.     mfx compute, predict (pr outcome(2)) varlist($BM lnsize lnage lnplc east $respond comp famcom group kapint rating)

Marginal effects after oprobit
      y  = Pr(type==2) (predict, pr outcome(2))
         =  .01173968
------------------------------------------------------------------------------
variable |      dy/dx    Std. Err.     z    P>|z|  [    95% C.I.   ]      X
---------+--------------------------------------------------------------------
    b1m0*|   .0306255      .01165    2.63   0.009   .007795  .053456   .039303
    b1m1*|   .0107864      .00377    2.86   0.004   .003391  .018182   .179903
    b1m2*|   .0181581      .00751    2.42   0.016   .003442  .032875   .110211
    b0m0*|    .001417      .00429    0.33   0.741  -.006998  .009832   .070908
    b0m1*|  -.0025931      .00185   -1.40   0.161  -.006222  .001036   .429903
  lnsize |    .003499      .00066    5.27   0.000   .002197  .004801    3.9526
   lnage |   .0005573      .00119    0.47   0.641  -.001784  .002898   2.81865
   lnplc |  -.0011986      .00102   -1.18   0.240  -.003197    .0008   2.47066
    east*|  -.0032096      .00167   -1.93   0.054  -.006476  .000057   .306726
 finance*|  -.0077795      .00183   -4.26   0.000   -.01136 -.004199   .156807
      RD*|   .0026498        .003    0.88   0.378  -.003239  .008539   .062399
 kaufman*|  -.0050392      .00232   -2.17   0.030  -.009589 -.000489   .076175
   other*|  -.0020393      .00286   -0.71   0.476   -.00765  .003571   .063209
    comp |   1.72e-06      .00001    0.18   0.857  -.000017   .00002   43.6851
  famcom*|   .0024671      .00147    1.68   0.092  -.000405  .005339   .665721
   group*|   .0006249      .00221    0.28   0.777  -.003698  .004948   .330632
  kapint |  -.0105244      .00541   -1.95   0.052  -.021127  .000079   .088745
  rating |  -.0010528      .00118   -0.89   0.373  -.003371  .001266   2.27288
------------------------------------------------------------------------------
(*) dy/dx is for discrete change of dummy variable from 0 to 1

. 
. 
. **********************************************
. * TABLE V: MV probits on all response options 
. **********************************************
. 
. ** Preferred specification: Base specification + external finance + $legal
. 
.     set seed 1000  

.     
.     cmp (mittel1 = $BM lnsize lnage lnplc east $respond comp famcom group kapint rating $legal $id) /*
>     */  (mittel2 = $BM lnsize lnage lnplc east $respond comp famcom group kapint rating $legal $id) /*
>     */  (mittel3 = $BM lnsize lnage lnplc east $respond comp famcom group kapint rating $legal $id) /*
>     */  (mittel4 = $BM lnsize lnage lnplc east $respond comp famcom group kapint rating $legal $id) /*
>     */  (mittel5 = $BM lnsize lnage lnplc east $respond comp famcom group kapint rating $legal $id), ind(4 4 4 4 4) qui tech(dfp nr) nonrtol

Fitting individual models as starting point for full model fit.

Fitting constants-only model for LR test of overall model fit.

Fitting full model.

Mixed-process regression                          Number of obs   =       2468
                                                  LR chi2(170)    =     910.45
Log likelihood = -7159.4891                       Prob > chi2     =     0.0000

------------------------------------------------------------------------------
             |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
mittel1      |
        b1m0 |  -.0048084   .1508312    -0.03   0.975     -.300432    .2908153
        b1m1 |   .0075909   .0930942     0.08   0.935    -.1748703    .1900521
        b1m2 |  -.0835911   .1048614    -0.80   0.425    -.2891157    .1219335
        b0m0 |   .1991272   .1238064     1.61   0.108    -.0435289    .4417833
        b0m1 |   .1117941   .0790065     1.41   0.157    -.0430557    .2666439
      lnsize |   .1007519   .0225477     4.47   0.000     .0565592    .1449446
       lnage |  -.0279135   .0378484    -0.74   0.461    -.1020949    .0462679
       lnplc |  -.0330006   .0297402    -1.11   0.267    -.0912902    .0252891
        east |   .2543144   .0624243     4.07   0.000      .131965    .3766638
     finance |  -.0552466   .0820999    -0.67   0.501    -.2161594    .1056662
          RD |   .0548271   .1202249     0.46   0.648    -.1808095    .2904636
     kaufman |  -.0051891   .1076899    -0.05   0.962    -.2162574    .2058793
       other |   .0536097    .115436     0.46   0.642    -.1726407    .2798601
        comp |   .0009656   .0004539     2.13   0.033      .000076    .0018551
      famcom |   .0884474   .0629701     1.40   0.160    -.0349718    .2118666
       group |  -.2535473    .068365    -3.71   0.000    -.3875402   -.1195543
      kapint |  -.1824693    .113207    -1.61   0.107     -.404351    .0394123
      rating |  -.0702016   .0430538    -1.63   0.103    -.1545854    .0141823
     limited |  -.2134418   .0881678    -2.42   0.015    -.3862475    -.040636
      public |  -.3500036   .1681792    -2.08   0.037    -.6796288   -.0203783
        br_2 |  -.3388996   .1887619    -1.80   0.073     -.708866    .0310669
        br_3 |  -.2201244   .2062394    -1.07   0.286    -.6243462    .1840973
        br_4 |  -.2649332   .1809912    -1.46   0.143    -.6196694     .089803
        br_5 |  -.1708668   .1912396    -0.89   0.372    -.5456896     .203956
        br_6 |  -.1536924     .19565    -0.79   0.432    -.5371594    .2297745
        br_7 |   .0988803   .2057315     0.48   0.631    -.3043459    .5021066
        br_8 |   .2259996   .1813875     1.25   0.213    -.1295133    .5815126
        br_9 |  -.2500421    .181768    -1.38   0.169    -.6063008    .1062166
       br_10 |  -.3822813   .1938598    -1.97   0.049    -.7622395    -.002323
       br_11 |  -.3536115   .1899946    -1.86   0.063    -.7259941    .0187712
       br_12 |  -.3963329   .2110786    -1.88   0.060    -.8100394    .0173737
       br_13 |  -.3249094   .1996126    -1.63   0.104     -.716143    .0663242
       br_14 |  -.5211675   .2051083    -2.54   0.011    -.9231723   -.1191627
       br_15 |  -.3300166   .2016538    -1.64   0.102    -.7252508    .0652176
       _cons |   .6829679    .268673     2.54   0.011     .1563784    1.209557
-------------+----------------------------------------------------------------
mittel2      |
        b1m0 |   .5581394   .1522498     3.67   0.000     .2597352    .8565435
        b1m1 |   .2584064   .0928953     2.78   0.005     .0763351    .4404778
        b1m2 |   .3775587    .106203     3.56   0.000     .1694046    .5857129
        b0m0 |   .0446845   .1220365     0.37   0.714    -.1945027    .2838717
        b0m1 |  -.1231758   .0790302    -1.56   0.119    -.2780723    .0317206
      lnsize |   .1402301   .0228032     6.15   0.000     .0955366    .1849237
       lnage |   .0039732   .0376203     0.11   0.916    -.0697612    .0777075
       lnplc |  -.0371811   .0299763    -1.24   0.215    -.0959336    .0215714
        east |  -.0757293   .0616725    -1.23   0.219    -.1966051    .0451466
     finance |  -.3067513   .0837369    -3.66   0.000    -.4708727     -.14263
          RD |   .1124449   .1153792     0.97   0.330    -.1136941    .3385839
     kaufman |  -.2110365   .1080403    -1.95   0.051    -.4227915    .0007186
       other |  -.1051737    .112652    -0.93   0.351    -.3259675    .1156202
        comp |   .0000398   .0004334     0.09   0.927    -.0008097    .0008893
      famcom |   .0958757   .0630435     1.52   0.128    -.0276873    .2194387
       group |  -.0549156   .0674019    -0.81   0.415    -.1870209    .0771897
      kapint |  -.3524336   .2084871    -1.69   0.091    -.7610608    .0561936
      rating |  -.0585719     .04528    -1.29   0.196     -.147319    .0301753
     limited |   .1947868   .0917812     2.12   0.034     .0148989    .3746746
      public |  -.0920901   .1738112    -0.53   0.596    -.4327537    .2485736
        br_2 |   .3936037   .2093103     1.88   0.060    -.0166371    .8038444
        br_3 |   .5173072   .2221846     2.33   0.020     .0818333    .9527811
        br_4 |   .3479621   .2014926     1.73   0.084    -.0469561    .7428804
        br_5 |   .6252212   .2068826     3.02   0.003     .2197388    1.030704
        br_6 |   .5691697   .2127592     2.68   0.007     .1521693    .9861702
        br_7 |   .6787152   .2162453     3.14   0.002     .2548823    1.102548
        br_8 |    .575516   .1969761     2.92   0.003     .1894499    .9615821
        br_9 |   .5866822   .2007034     2.92   0.003     .1933108    .9800537
       br_10 |   .7733896    .209357     3.69   0.000     .3630575    1.183722
       br_11 |   .7919991   .2073886     3.82   0.000     .3855248    1.198473
       br_12 |   .7022453    .224112     3.13   0.002     .2629939    1.141497
       br_13 |   .5525391   .2173467     2.54   0.011     .1265474    .9785308
       br_14 |   .1342259   .2459689     0.55   0.585    -.3478642     .616316
       br_15 |  -.0595298   .2366172    -0.25   0.801    -.5232909    .4042313
       _cons |  -1.400632   .2884343    -4.86   0.000    -1.965953   -.8353111
-------------+----------------------------------------------------------------
mittel3      |
        b1m0 |  -.4836395   .1602123    -3.02   0.003    -.7976499   -.1696291
        b1m1 |   .2837193   .0896924     3.16   0.002     .1079255    .4595132
        b1m2 |   .1989964   .1021735     1.95   0.051    -.0012599    .3992527
        b0m0 |  -.0006138   .1171065    -0.01   0.996    -.2301384    .2289107
        b0m1 |   .1542836   .0752461     2.05   0.040     .0068041    .3017632
      lnsize |  -.0095561   .0216583    -0.44   0.659    -.0520056    .0328933
       lnage |  -.0351458   .0363698    -0.97   0.334    -.1064294    .0361377
       lnplc |  -.0034283    .028575    -0.12   0.905    -.0594343    .0525776
        east |  -.0952443   .0594185    -1.60   0.109    -.2117025    .0212139
     finance |   .0088046   .0788558     0.11   0.911    -.1457499    .1633592
          RD |  -.0453489     .11342    -0.40   0.689     -.267648    .1769502
     kaufman |   .2689456   .1023588     2.63   0.009      .068326    .4695652
       other |  -.2496449   .1118359    -2.23   0.026    -.4688393   -.0304505
        comp |  -.0002225   .0004231    -0.53   0.599    -.0010519    .0006068
      famcom |   .0878342   .0610995     1.44   0.151    -.0319187    .2075871
       group |  -.0363149   .0659195    -0.55   0.582    -.1655149     .092885
      kapint |  -.2483204   .1279884    -1.94   0.052    -.4991731    .0025323
      rating |  -.0569868    .043044    -1.32   0.186    -.1413514    .0273779
     limited |   .2271181   .0842197     2.70   0.007     .0620505    .3921857
      public |   .4106627   .1626644     2.52   0.012     .0918462    .7294791
        br_2 |   .1582292    .180275     0.88   0.380    -.1951033    .5115617
        br_3 |   .0974128   .1965119     0.50   0.620    -.2877434     .482569
        br_4 |   .2126621   .1729681     1.23   0.219    -.1263491    .5516733
        br_5 |  -.0928532    .183306    -0.51   0.612    -.4521264      .26642
        br_6 |   .2242056   .1873594     1.20   0.231    -.1430121    .5914232
        br_7 |   .0146905    .190847     0.08   0.939    -.3593627    .3887437
        br_8 |   .1595751   .1692278     0.94   0.346    -.1721053    .4912556
        br_9 |   .2277882   .1737836     1.31   0.190    -.1128213    .5683977
       br_10 |   .0857869   .1848371     0.46   0.643    -.2764872     .448061
       br_11 |   .1699503    .182236     0.93   0.351    -.1872256    .5271263
       br_12 |   .2521218   .2008018     1.26   0.209    -.1414426    .6456861
       br_13 |    .069956   .1914779     0.37   0.715    -.3053339    .4452458
       br_14 |   .2981118   .1968257     1.51   0.130    -.0876594    .6838831
       br_15 |   .5656081   .1951342     2.90   0.004      .183152    .9480642
       _cons |  -.3714488    .260039    -1.43   0.153    -.8811159    .1382184
-------------+----------------------------------------------------------------
mittel4      |
        b1m0 |  -.4645173   .1746254    -2.66   0.008    -.8067768   -.1222579
        b1m1 |  -.3758296    .101997    -3.68   0.000    -.5757401   -.1759191
        b1m2 |  -.2990496   .1170506    -2.55   0.011    -.5284645   -.0696347
        b0m0 |  -.2623408   .1301009    -2.02   0.044     -.517334   -.0073477
        b0m1 |  -.2690559   .0837087    -3.21   0.001    -.4331219   -.1049899
      lnsize |   -.037696   .0244509    -1.54   0.123    -.0856189    .0102269
       lnage |  -.0600706   .0411274    -1.46   0.144    -.1406789    .0205376
       lnplc |    .041196   .0330321     1.25   0.212    -.0235457    .1059376
        east |  -.3265241   .0708872    -4.61   0.000    -.4654605   -.1875877
     finance |   .1706282   .0867656     1.97   0.049     .0005707    .3406857
          RD |   .2184035   .1232987     1.77   0.077    -.0232575    .4600645
     kaufman |   .0473626   .1155553     0.41   0.682    -.1791215    .2738468
       other |   .1352269   .1219814     1.11   0.268    -.1038523    .3743061
        comp |    .000535   .0004539     1.18   0.239    -.0003547    .0014247
      famcom |  -.1391368    .069138    -2.01   0.044    -.2746447   -.0036288
       group |    .401519   .0732339     5.48   0.000     .2579833    .5450548
      kapint |   .1304376   .1110094     1.18   0.240    -.0871367     .348012
      rating |  -.0759649   .0516068    -1.47   0.141    -.1771123    .0251826
     limited |   .6621487   .1175511     5.63   0.000     .4317528    .8925445
      public |   .8095001   .1892819     4.28   0.000     .4385145    1.180486
        br_2 |   .3971636   .2159537     1.84   0.066    -.0260978    .8204251
        br_3 |   .1350465   .2368371     0.57   0.569    -.3291457    .5992387
        br_4 |   .2282036   .2076907     1.10   0.272    -.1788627      .63527
        br_5 |   .2565708   .2129896     1.20   0.228    -.1608812    .6740227
        br_6 |   .4098788   .2205571     1.86   0.063    -.0224051    .8421626
        br_7 |     .38044   .2233236     1.70   0.088    -.0572661    .8181462
        br_8 |   .0416283   .2045599     0.20   0.839    -.3593017    .4425583
        br_9 |   .1153906   .2085517     0.55   0.580    -.2933633    .5241445
       br_10 |   .2834004   .2159016     1.31   0.189    -.1397589    .7065597
       br_11 |   .2449741   .2163933     1.13   0.258    -.1791491    .6690972
       br_12 |   .1978136   .2347512     0.84   0.399    -.2622904    .6579176
       br_13 |   .3400002   .2270178     1.50   0.134    -.1049466     .784947
       br_14 |   .5524133   .2230086     2.48   0.013     .1153245    .9895022
       br_15 |   .5126048   .2272359     2.26   0.024     .0672308    .9579789
       _cons |  -1.086523   .3086092    -3.52   0.000    -1.691386     -.48166
-------------+----------------------------------------------------------------
mittel5      |
        b1m0 |   .4004955   .1496029     2.68   0.007     .1072793    .6937118
        b1m1 |   .1436043   .0910364     1.58   0.115    -.0348237    .3220324
        b1m2 |  -.0893088   .1053303    -0.85   0.396    -.2957525    .1171349
        b0m0 |   .6620056   .1195468     5.54   0.000     .4276983     .896313
        b0m1 |   .2920125   .0762653     3.83   0.000     .1425353    .4414898
      lnsize |   .0228153   .0219792     1.04   0.299    -.0202633    .0658938
       lnage |  -.0135722   .0367817    -0.37   0.712    -.0856629    .0585186
       lnplc |   .0403575   .0290458     1.39   0.165    -.0165713    .0972862
        east |   .0743174   .0597836     1.24   0.214    -.0428564    .1914911
     finance |   .1622509    .079243     2.05   0.041     .0069375    .3175644
          RD |  -.1029764   .1157744    -0.89   0.374      -.32989    .1239373
     kaufman |   .1182522   .1039948     1.14   0.255    -.0855739    .3220782
       other |   .0532509   .1102799     0.48   0.629    -.1628938    .2693956
        comp |  -.0002383   .0004286    -0.56   0.578    -.0010783    .0006017
      famcom |   .1084049   .0617094     1.76   0.079    -.0125434    .2293531
       group |   -.209971   .0667474    -3.15   0.002    -.3407935   -.0791485
      kapint |   .2115232    .096365     2.20   0.028     .0226512    .4003952
      rating |   .1895067   .0448354     4.23   0.000     .1016309    .2773825
     limited |  -.2933161   .0845188    -3.47   0.001    -.4589699   -.1276624
      public |  -.0566801   .1637115    -0.35   0.729    -.3775487    .2641884
        br_2 |    .544658   .1811353     3.01   0.003     .1896394    .8996766
        br_3 |   .4416186   .1966561     2.25   0.025     .0561796    .8270575
        br_4 |   .0866031   .1734001     0.50   0.617     -.253255    .4264611
        br_5 |   .1851116   .1833455     1.01   0.313    -.1742389    .5444621
        br_6 |   .1302612   .1875148     0.69   0.487     -.237261    .4977834
        br_7 |   .0953143   .1908973     0.50   0.618    -.2788374    .4694661
        br_8 |   .1018297   .1695756     0.60   0.548    -.2305323    .4341917
        br_9 |   .1627509   .1739822     0.94   0.350     -.178248    .5037499
       br_10 |   .1920246   .1853911     1.04   0.300    -.1713353    .5553844
       br_11 |   .1656259   .1832492     0.90   0.366    -.1935358    .5247876
       br_12 |   .0670569   .2025124     0.33   0.741    -.3298602    .4639739
       br_13 |   .2026414   .1926958     1.05   0.293    -.1750355    .5803183
       br_14 |  -.1140414   .2002628    -0.57   0.569    -.5065493    .2784664
       br_15 |   .5846107   .1964378     2.98   0.003     .1995997    .9696216
       _cons |   -.937062   .2625729    -3.57   0.000    -1.451695   -.4224285
-------------+----------------------------------------------------------------
/atanhrho_12 |   .6385433   .0423998    15.06   0.000     .5554413    .7216453
/atanhrho_13 |  -.1685807   .0343359    -4.91   0.000    -.2358779   -.1012835
/atanhrho_14 |  -.3228104   .0397388    -8.12   0.000     -.400697   -.2449238
/atanhrho_15 |  -.2365689   .0353632    -6.69   0.000    -.3058795   -.1672583
/atanhrho_23 |   -.110139   .0340914    -3.23   0.001    -.1769569    -.043321
/atanhrho_24 |  -.2501665   .0406135    -6.16   0.000    -.3297675   -.1705654
/atanhrho_25 |  -.1012555   .0343207    -2.95   0.003    -.1685229   -.0339881
/atanhrho_34 |   .1168228   .0376623     3.10   0.002     .0430061    .1906394
/atanhrho_35 |     .01754   .0329804     0.53   0.595    -.0471005    .0821805
/atanhrho_45 |   .0289021   .0378022     0.76   0.445    -.0451888    .1029931
-------------+----------------------------------------------------------------
      rho_12 |   .5639069    .028917                      .5045872    .6179274
      rho_13 |  -.1670016   .0333783                     -.2315985   -.1009386
      rho_14 |  -.3120459   .0358693                     -.3805452    -.240141
      rho_15 |  -.2322523   .0334557                     -.2966839   -.1657159
      rho_23 |  -.1096958   .0336812                     -.1751327   -.0432939
      rho_24 |  -.2450751   .0381742                     -.3183119   -.1689304
      rho_25 |  -.1009109   .0339713                     -.1669455    -.033975
      rho_34 |   .1162942   .0371529                      .0429796     .188363
      rho_35 |   .0175382   .0329703                     -.0470657     .081996
      rho_45 |   .0288941   .0377706                      -.045158    .1026304
------------------------------------------------------------------------------

.     
.     mfx, force predict(pr equation(mittel1)) nonlinear

Marginal effects after cmp
      y  =  (predict, pr equation(mittel1))
         =  .68892701
------------------------------------------------------------------------------
variable |      dy/dx    Std. Err.     z    P>|z|  [    95% C.I.   ]      X
---------+--------------------------------------------------------------------
    b1m0*|  -.0017008      .05341   -0.03   0.975  -.106379  .102977   .039303
    b1m1*|   .0026788      .03281    0.08   0.935  -.061635  .066992   .179903
    b1m2*|    -.02999      .03816   -0.79   0.432  -.104789  .044809   .110211
    b0m0*|   .0671357       .0396    1.70   0.090  -.010475  .144746   .070908
    b0m1*|   .0393307      .02767    1.42   0.155  -.014899  .093561   .429903
  lnsize |   .0355981      .00796    4.47   0.000   .019993  .051204    3.9526
   lnage |  -.0098625      .01337   -0.74   0.461  -.036074  .016349   2.81865
   lnplc |  -.0116599      .01051   -1.11   0.267  -.032255  .008935   2.47066
    east*|   .0874326       .0208    4.20   0.000   .046669  .128196   .306726
 finance*|  -.0196977      .02953   -0.67   0.505  -.077573  .038178   .156807
      RD*|   .0191368      .04143    0.46   0.644  -.062072  .100346   .062399
 kaufman*|  -.0018354      .03813   -0.05   0.962  -.076572  .072901   .076175
   other*|   .0187175      .03981    0.47   0.638  -.059308  .096743   .063209
    comp |   .0003412      .00016    2.13   0.033   .000027  .000655   43.6851
  famcom*|   .0314658      .02255    1.40   0.163  -.012724  .075656   .665721
   group*|  -.0912211      .02495   -3.66   0.000  -.140122  -.04232   .330632
  kapint |  -.0644708      .04001   -1.61   0.107  -.142899  .013957   .088745
  rating |  -.0248039      .01521   -1.63   0.103  -.054612  .005004   2.27288
 limited*|  -.0725189      .02867   -2.53   0.011  -.128714 -.016323   .835494
  public*|  -.1315773      .06601   -1.99   0.046  -.260956 -.002199   .038493
    br_2*|  -.1267688      .07355   -1.72   0.085  -.270931  .017393   .069692
    br_3*|  -.0811575      .07876   -1.03   0.303  -.235518  .073203   .045786
    br_4*|  -.0978172      .06921   -1.41   0.158  -.233471  .037837   .101297
    br_5*|  -.0623855      .07185   -0.87   0.385  -.203212  .078441    .06564
    br_6*|  -.0559776       .0732   -0.76   0.444  -.199441  .087486   .057942
    br_7*|   .0341314      .06926    0.49   0.622  -.101623  .169886   .047812
    br_8*|   .0762161      .05802    1.31   0.189  -.037494  .189927   .126418
    br_9*|  -.0920769      .06923   -1.33   0.184  -.227762  .043608   .107374
   br_10*|  -.1436237      .07591   -1.89   0.058  -.292407   .00516   .075365
   br_11*|  -.1323729       .0741   -1.79   0.074  -.277606   .01286   .078201
   br_12*|  -.1497771      .08329   -1.80   0.072  -.313017  .013463   .040519
   br_13*|  -.1216059      .07789   -1.56   0.118  -.274261  .031049   .049028
   br_14*|  -.1987921      .08121   -2.45   0.014  -.357956 -.039628   .057536
   br_15*|  -.1236446       .0788   -1.57   0.117  -.278084  .030794   .045786
------------------------------------------------------------------------------
(*) dy/dx is for discrete change of dummy variable from 0 to 1

.     mfx, force predict(pr equation(mittel2)) nonlinear

Marginal effects after cmp
      y  =  (predict, pr equation(mittel2))
         =  .34374715
------------------------------------------------------------------------------
variable |      dy/dx    Std. Err.     z    P>|z|  [    95% C.I.   ]      X
---------+--------------------------------------------------------------------
    b1m0*|   .2175649         .06    3.63   0.000   .099965  .335165   .039303
    b1m1*|   .0977141      .03587    2.72   0.006   .027412  .168016   .179903
    b1m2*|   .1449968      .04184    3.47   0.001   .062993  .227001   .110211
    b0m0*|   .0165642      .04556    0.36   0.716  -.072738  .105866   .070908
    b0m1*|  -.0451384      .02883   -1.57   0.117  -.101636  .011359   .429903
  lnsize |   .0515958      .00839    6.15   0.000   .035157  .068034    3.9526
   lnage |   .0014619      .01384    0.11   0.916  -.025668  .028592   2.81865
   lnplc |  -.0136803      .01103   -1.24   0.215  -.035298  .007937   2.47066
    east*|  -.0276916      .02241   -1.24   0.217  -.071612  .016229   .306726
 finance*|  -.1072751      .02755   -3.89   0.000  -.161266 -.053284   .156807
      RD*|   .0421292      .04394    0.96   0.338  -.043999  .128257   .062399
 kaufman*|  -.0745002      .03636   -2.05   0.040  -.145767 -.003234   .076175
   other*|  -.0379347      .03977   -0.95   0.340  -.115876  .040007   .063209
    comp |   .0000146      .00016    0.09   0.927  -.000298  .000327   43.6851
  famcom*|    .035036      .02287    1.53   0.126  -.009785  .079857   .665721
   group*|   -.020127      .02461   -0.82   0.413  -.068354    .0281   .330632
  kapint |  -.1296733      .07659   -1.69   0.090   -.27978  .020434   .088745
  rating |  -.0215507      .01666   -1.29   0.196  -.054201    .0111   2.27288
 limited*|   .0695749      .03169    2.20   0.028   .007463  .131687   .835494
  public*|  -.0332695      .06157   -0.54   0.589  -.153951  .087412   .038493
    br_2*|   .1518962      .08291    1.83   0.067  -.010608    .3144   .069692
    br_3*|   .2013237       .0879    2.29   0.022   .029034  .373613   .045786
    br_4*|   .1334527      .07932    1.68   0.092  -.022013  .288918   .101297
    br_5*|   .2434034      .08073    3.02   0.003   .085185  .401622    .06564
    br_6*|   .2215769      .08369    2.65   0.008   .057557  .385597   .057942
    br_7*|   .2645002      .08346    3.17   0.002   .100918  .428083   .047812
    br_8*|   .2226386      .07713    2.89   0.004   .071458  .373819   .126418
    br_9*|   .2274493      .07862    2.89   0.004   .073348   .38155   .107374
   br_10*|   .3002381      .07918    3.79   0.000   .145047  .455429   .075365
   br_11*|   .3072161      .07806    3.94   0.000   .154212   .46022   .078201
   br_12*|   .2736707      .08596    3.18   0.001   .105192   .44215   .040519
   br_13*|   .2151871      .08568    2.51   0.012   .047263  .383111   .049028
   br_14*|   .0504582      .09421    0.54   0.592  -.134188  .235105   .057536
   br_15*|  -.0216557      .08505   -0.25   0.799  -.188358  .145046   .045786
------------------------------------------------------------------------------
(*) dy/dx is for discrete change of dummy variable from 0 to 1

.     mfx, force predict(pr equation(mittel3)) nonlinear

Marginal effects after cmp
      y  =  (predict, pr equation(mittel3))
         =  .43407685
------------------------------------------------------------------------------
variable |      dy/dx    Std. Err.     z    P>|z|  [    95% C.I.   ]      X
---------+--------------------------------------------------------------------
    b1m0*|  -.1774282      .05291   -3.35   0.001  -.281135 -.073721   .039303
    b1m1*|   .1124929      .03554    3.17   0.002   .042833  .182152   .179903
    b1m2*|    .078949      .04066    1.94   0.052   -.00075  .158648   .110211
    b0m0*|  -.0002415      .04608   -0.01   0.996  -.090548  .090065   .070908
    b0m1*|   .0607547      .02959    2.05   0.040   .002766  .118743   .429903
  lnsize |  -.0037602      .00852   -0.44   0.659  -.020463  .012943    3.9526
   lnage |  -.0138293      .01431   -0.97   0.334  -.041879  .014221   2.81865
   lnplc |   -.001349      .01124   -0.12   0.905  -.023386  .020688   2.47066
    east*|  -.0373427       .0232   -1.61   0.107   -.08281  .008125   .306726
 finance*|   .0034662      .03106    0.11   0.911  -.057408  .064341   .156807
      RD*|  -.0177804       .0443   -0.40   0.688  -.104602  .069042   .062399
 kaufman*|   .1068275      .04064    2.63   0.009   .027177  .186478   .076175
   other*|  -.0956674      .04136   -2.31   0.021  -.176741 -.014594   .063209
    comp |  -.0000876      .00017   -0.53   0.599  -.000414  .000239   43.6851
  famcom*|   .0344635       .0239    1.44   0.149  -.012373    .0813   .665721
   group*|  -.0142737      .02588   -0.55   0.581  -.064998   .03645   .330632
  kapint |  -.0977099      .05035   -1.94   0.052  -.196399  .000979   .088745
  rating |  -.0224233      .01693   -1.32   0.185  -.055614  .010767   2.27288
 limited*|   .0878104      .03185    2.76   0.006   .025392  .150229   .835494
  public*|   .1626424      .06324    2.57   0.010   .038696  .286589   .038493
    br_2*|   .0627576      .07179    0.87   0.382  -.077954  .203469   .069692
    br_3*|   .0385601      .07812    0.49   0.622  -.114555  .191675   .045786
    br_4*|   .0844025      .06882    1.23   0.220  -.050481  .219287   .101297
    br_5*|  -.0362504      .07092   -0.51   0.609  -.175251   .10275    .06564
    br_6*|   .0890594      .07457    1.19   0.232  -.057097  .235216   .057942
    br_7*|   .0057867      .07525    0.08   0.939  -.141708  .153282   .047812
    br_8*|   .0632357       .0673    0.94   0.347  -.068673  .195144   .126418
    br_9*|    .090414      .06911    1.31   0.191  -.045038  .225866   .107374
   br_10*|   .0339277      .07338    0.46   0.644  -.109887  .177743   .075365
   br_11*|    .067419      .07257    0.93   0.353  -.074815  .209653   .078201
   br_12*|   .1001908      .07981    1.26   0.209  -.056237  .256619   .040519
   br_13*|   .0276517      .07598    0.36   0.716  -.121261  .176564   .049028
   br_14*|   .1184221      .07794    1.52   0.129  -.034339  .271183   .057536
   br_15*|    .221779      .07287    3.04   0.002   .078948   .36461   .045786
------------------------------------------------------------------------------
(*) dy/dx is for discrete change of dummy variable from 0 to 1

.     mfx, force predict(pr equation(mittel4)) nonlinear

Marginal effects after cmp
      y  =  (predict, pr equation(mittel4))
         =  .19403962
------------------------------------------------------------------------------
variable |      dy/dx    Std. Err.     z    P>|z|  [    95% C.I.   ]      X
---------+--------------------------------------------------------------------
    b1m0*|  -.1038924      .03035   -3.42   0.001  -.163383 -.044402   .039303
    b1m1*|  -.0924288      .02216   -4.17   0.000  -.135854 -.049004   .179903
    b1m2*|  -.0738203      .02562   -2.88   0.004  -.124031  -.02361   .110211
    b0m0*|  -.0650134      .02873   -2.26   0.024  -.121331 -.008696   .070908
    b0m1*|  -.0727025      .02222   -3.27   0.001  -.116243 -.029162   .429903
  lnsize |  -.0103619      .00672   -1.54   0.123  -.023527  .002803    3.9526
   lnage |  -.0165123       .0113   -1.46   0.144  -.038656  .005632   2.81865
   lnplc |    .011324      .00908    1.25   0.212  -.006471  .029119   2.47066
    east*|   -.084774      .01725   -4.92   0.000  -.118579 -.050969   .306726
 finance*|   .0492285      .02618    1.88   0.060   -.00208  .100537   .156807
      RD*|   .0648473      .03922    1.65   0.098  -.012017  .141711   .062399
 kaufman*|   .0132436      .03286    0.40   0.687  -.051154  .077642   .076175
   other*|   .0390368      .03686    1.06   0.290    -.0332  .111274   .063209
    comp |   .0001471      .00012    1.18   0.239  -.000097  .000392   43.6851
  famcom*|  -.0389953      .01974   -1.98   0.048  -.077679 -.000312   .665721
   group*|   .1164829      .02221    5.25   0.000   .072957  .160009   .330632
  kapint |   .0358549      .03052    1.17   0.240  -.023972  .095681   .088745
  rating |  -.0208813      .01418   -1.47   0.141  -.048671  .006908   2.27288
 limited*|   .1470311       .0199    7.39   0.000   .108035  .186027   .835494
  public*|    .280634      .07397    3.79   0.000   .135661  .425607   .038493
    br_2*|   .1242645      .07493    1.66   0.097  -.022593  .271122   .069692
    br_3*|   .0390559      .07181    0.54   0.587  -.101697  .179808   .045786
    br_4*|   .0675142      .06561    1.03   0.303  -.061085  .196113   .101297
    br_5*|   .0770746      .06913    1.11   0.265  -.058427  .212576    .06564
    br_6*|    .129111      .07736    1.67   0.095  -.022505  .280727   .057942
    br_7*|   .1191575      .07768    1.53   0.125  -.033086  .271401   .047812
    br_8*|   .0115958      .05773    0.20   0.841  -.101552  .124743   .126418
    br_9*|   .0329438      .06172    0.53   0.593  -.088016  .153904   .107374
   br_10*|   .0856759      .07084    1.21   0.226  -.053159  .224511   .075365
   br_11*|    .073151       .0695    1.05   0.293   -.06306  .209362   .078201
   br_12*|   .0585318      .07421    0.79   0.430  -.086922  .203985   .040519
   br_13*|   .1051856      .07743    1.36   0.174  -.046566  .256937   .049028
   br_14*|   .1805732      .08245    2.19   0.029   .018972  .342175   .057536
   br_15*|   .1665593      .08337    2.00   0.046   .003161  .329957   .045786
------------------------------------------------------------------------------
(*) dy/dx is for discrete change of dummy variable from 0 to 1

.     mfx, force predict(pr equation(mittel5)) nonlinear

Marginal effects after cmp
      y  =  (predict, pr equation(mittel5))
         =  .44014244
------------------------------------------------------------------------------
variable |      dy/dx    Std. Err.     z    P>|z|  [    95% C.I.   ]      X
---------+--------------------------------------------------------------------
    b1m0*|   .1586232       .0581    2.73   0.006   .044756   .27249   .039303
    b1m1*|   .0569287       .0362    1.57   0.116  -.014023   .12788   .179903
    b1m2*|  -.0350106        .041   -0.85   0.393  -.115364  .045343   .110211
    b0m0*|   .2571407       .0431    5.97   0.000    .17266  .341621   .070908
    b0m1*|   .1151116      .02993    3.85   0.000   .056447  .173776   .429903
  lnsize |   .0089993      .00867    1.04   0.299  -.007993  .025992    3.9526
   lnage |  -.0053534      .01451   -0.37   0.712  -.033789  .023082   2.81865
   lnplc |   .0159187      .01146    1.39   0.165  -.006536  .038374   2.47066
    east*|   .0293678      .02366    1.24   0.215  -.017005   .07574   .306726
 finance*|   .0643678      .03153    2.04   0.041   .002563  .126172   .156807
      RD*|  -.0402856      .04485   -0.90   0.369  -.128199  .047628   .062399
 kaufman*|   .0469111      .04141    1.13   0.257  -.034261  .128083   .076175
   other*|     .02107      .04375    0.48   0.630  -.064686  .106826   .063209
    comp |   -.000094      .00017   -0.56   0.578  -.000425  .000237   43.6851
  famcom*|   .0426169      .02416    1.76   0.078  -.004742  .089976   .665721
   group*|  -.0821814      .02586   -3.18   0.001  -.132865 -.031498   .330632
  kapint |   .0834339      .03801    2.20   0.028   .008938   .15793   .088745
  rating |   .0747496      .01769    4.23   0.000   .040076  .109423   2.27288
 limited*|  -.1164405      .03348   -3.48   0.001  -.182068 -.050813   .835494
  public*|  -.0222587      .06398   -0.35   0.728  -.147651  .103134   .038493
    br_2*|   .2138977      .06805    3.14   0.002   .080529  .347266   .069692
    br_3*|   .1745444      .07571    2.31   0.021   .026157  .322932   .045786
    br_4*|   .0343071      .06892    0.50   0.619   -.10078  .169394   .101297
    br_5*|   .0735625      .07306    1.01   0.314  -.069639  .216764    .06564
    br_6*|   .0517061      .07473    0.69   0.489  -.094753  .198165   .057942
    br_7*|   .0377917      .07598    0.50   0.619  -.111132  .186715   .047812
    br_8*|   .0403504      .06742    0.60   0.550  -.091799    .1725   .126418
    br_9*|   .0646138       .0693    0.93   0.351  -.071216  .200444   .107374
   br_10*|   .0763075      .07386    1.03   0.302  -.068454  .221069   .075365
   br_11*|   .0657854      .07303    0.90   0.368  -.077349   .20892   .078201
   br_12*|   .0265556      .08046    0.33   0.741  -.131151  .184263   .040519
   br_13*|   .0805632      .07676    1.05   0.294  -.069885  .231012   .049028
   br_14*|  -.0445624      .07738   -0.58   0.565  -.196223  .107098   .057536
   br_15*|   .2284756      .07236    3.16   0.002   .086646  .370306   .045786
------------------------------------------------------------------------------
(*) dy/dx is for discrete change of dummy variable from 0 to 1

.    
.     test [mittel1]b1m0 = [mittel1]b1m1  

 ( 1)  [mittel1]b1m0 - [mittel1]b1m1 = 0

           chi2(  1) =    0.01
         Prob > chi2 =    0.9323

.     test [mittel1]b1m0 = [mittel1]b1m2  

 ( 1)  [mittel1]b1m0 - [mittel1]b1m2 = 0

           chi2(  1) =    0.26
         Prob > chi2 =    0.6085

.     test [mittel1]b1m1 = [mittel1]b1m2  

 ( 1)  [mittel1]b1m1 - [mittel1]b1m2 = 0

           chi2(  1) =    0.82
         Prob > chi2 =    0.3659

. 
.     test [mittel2]b1m0 = [mittel2]b1m1  

 ( 1)  [mittel2]b1m0 - [mittel2]b1m1 = 0

           chi2(  1) =    4.16
         Prob > chi2 =    0.0413

.     test [mittel2]b1m0 = [mittel2]b1m2  

 ( 1)  [mittel2]b1m0 - [mittel2]b1m2 = 0

           chi2(  1) =    1.35
         Prob > chi2 =    0.2445

.     test [mittel2]b1m1 = [mittel2]b1m2  

 ( 1)  [mittel2]b1m1 - [mittel2]b1m2 = 0

           chi2(  1) =    1.39
         Prob > chi2 =    0.2385

. 
.     test [mittel3]b1m0 = [mittel3]b1m1  

 ( 1)  [mittel3]b1m0 - [mittel3]b1m1 = 0

           chi2(  1) =   24.13
         Prob > chi2 =    0.0000

.     test [mittel3]b1m0 = [mittel3]b1m2  

 ( 1)  [mittel3]b1m0 - [mittel3]b1m2 = 0

           chi2(  1) =   17.43
         Prob > chi2 =    0.0000

.     test [mittel3]b1m1 = [mittel3]b1m2  

 ( 1)  [mittel3]b1m1 - [mittel3]b1m2 = 0

           chi2(  1) =    0.73
         Prob > chi2 =    0.3919

. 
.     test [mittel4]b1m0 = [mittel4]b1m1  

 ( 1)  [mittel4]b1m0 - [mittel4]b1m1 = 0

           chi2(  1) =    0.26
         Prob > chi2 =    0.6073

.     test [mittel4]b1m0 = [mittel4]b1m2  

 ( 1)  [mittel4]b1m0 - [mittel4]b1m2 = 0

           chi2(  1) =    0.83
         Prob > chi2 =    0.3609

.     test [mittel4]b1m1 = [mittel4]b1m2  

 ( 1)  [mittel4]b1m1 - [mittel4]b1m2 = 0

           chi2(  1) =    0.43
         Prob > chi2 =    0.5105

. 
.     test [mittel5]b1m0 = [mittel5]b1m1  

 ( 1)  [mittel5]b1m0 - [mittel5]b1m1 = 0

           chi2(  1) =    3.12
         Prob > chi2 =    0.0772

.     test [mittel5]b1m0 = [mittel5]b1m2  

 ( 1)  [mittel5]b1m0 - [mittel5]b1m2 = 0

           chi2(  1) =   10.06
         Prob > chi2 =    0.0015

.     test [mittel5]b1m1 = [mittel5]b1m2  

 ( 1)  [mittel5]b1m1 - [mittel5]b1m2 = 0

           chi2(  1) =    5.20
         Prob > chi2 =    0.0225

.     
.     testparm br_*

 ( 1)  [mittel1]br_2 = 0
 ( 2)  [mittel2]br_2 = 0
 ( 3)  [mittel3]br_2 = 0
 ( 4)  [mittel4]br_2 = 0
 ( 5)  [mittel5]br_2 = 0
 ( 6)  [mittel1]br_3 = 0
 ( 7)  [mittel2]br_3 = 0
 ( 8)  [mittel3]br_3 = 0
 ( 9)  [mittel4]br_3 = 0
 (10)  [mittel5]br_3 = 0
 (11)  [mittel1]br_4 = 0
 (12)  [mittel2]br_4 = 0
 (13)  [mittel3]br_4 = 0
 (14)  [mittel4]br_4 = 0
 (15)  [mittel5]br_4 = 0
 (16)  [mittel1]br_5 = 0
 (17)  [mittel2]br_5 = 0
 (18)  [mittel3]br_5 = 0
 (19)  [mittel4]br_5 = 0
 (20)  [mittel5]br_5 = 0
 (21)  [mittel1]br_6 = 0
 (22)  [mittel2]br_6 = 0
 (23)  [mittel3]br_6 = 0
 (24)  [mittel4]br_6 = 0
 (25)  [mittel5]br_6 = 0
 (26)  [mittel1]br_7 = 0
 (27)  [mittel2]br_7 = 0
 (28)  [mittel3]br_7 = 0
 (29)  [mittel4]br_7 = 0
 (30)  [mittel5]br_7 = 0
 (31)  [mittel1]br_8 = 0
 (32)  [mittel2]br_8 = 0
 (33)  [mittel3]br_8 = 0
 (34)  [mittel4]br_8 = 0
 (35)  [mittel5]br_8 = 0
 (36)  [mittel1]br_9 = 0
 (37)  [mittel2]br_9 = 0
 (38)  [mittel3]br_9 = 0
 (39)  [mittel4]br_9 = 0
 (40)  [mittel5]br_9 = 0
 (41)  [mittel1]br_10 = 0
 (42)  [mittel2]br_10 = 0
 (43)  [mittel3]br_10 = 0
 (44)  [mittel4]br_10 = 0
 (45)  [mittel5]br_10 = 0
 (46)  [mittel1]br_11 = 0
 (47)  [mittel2]br_11 = 0
 (48)  [mittel3]br_11 = 0
 (49)  [mittel4]br_11 = 0
 (50)  [mittel5]br_11 = 0
 (51)  [mittel1]br_12 = 0
 (52)  [mittel2]br_12 = 0
 (53)  [mittel3]br_12 = 0
 (54)  [mittel4]br_12 = 0
 (55)  [mittel5]br_12 = 0
 (56)  [mittel1]br_13 = 0
 (57)  [mittel2]br_13 = 0
 (58)  [mittel3]br_13 = 0
 (59)  [mittel4]br_13 = 0
 (60)  [mittel5]br_13 = 0
 (61)  [mittel1]br_14 = 0
 (62)  [mittel2]br_14 = 0
 (63)  [mittel3]br_14 = 0
 (64)  [mittel4]br_14 = 0
 (65)  [mittel5]br_14 = 0
 (66)  [mittel1]br_15 = 0
 (67)  [mittel2]br_15 = 0
 (68)  [mittel3]br_15 = 0
 (69)  [mittel4]br_15 = 0
 (70)  [mittel5]br_15 = 0

           chi2( 70) =  176.20
         Prob > chi2 =    0.0000

.     test [mittel1] famcom [mittel1] group [mittel1] kapint [mittel1] rating 

 ( 1)  [mittel1]famcom = 0
 ( 2)  [mittel1]group = 0
 ( 3)  [mittel1]kapint = 0
 ( 4)  [mittel1]rating = 0

           chi2(  4) =   23.35
         Prob > chi2 =    0.0001

.     test [mittel2] famcom [mittel2] group [mittel2] kapint [mittel2] rating 

 ( 1)  [mittel2]famcom = 0
 ( 2)  [mittel2]group = 0
 ( 3)  [mittel2]kapint = 0
 ( 4)  [mittel2]rating = 0

           chi2(  4) =    8.24
         Prob > chi2 =    0.0832

.     test [mittel3] famcom [mittel3] group [mittel3] kapint [mittel3] rating 

 ( 1)  [mittel3]famcom = 0
 ( 2)  [mittel3]group = 0
 ( 3)  [mittel3]kapint = 0
 ( 4)  [mittel3]rating = 0

           chi2(  4) =    8.32
         Prob > chi2 =    0.0806

.     test [mittel4] famcom [mittel4] group [mittel4] kapint [mittel4] rating 

 ( 1)  [mittel4]famcom = 0
 ( 2)  [mittel4]group = 0
 ( 3)  [mittel4]kapint = 0
 ( 4)  [mittel4]rating = 0

           chi2(  4) =   42.64
         Prob > chi2 =    0.0000

.     test [mittel5] famcom [mittel4] group [mittel4] kapint [mittel4] rating 

 ( 1)  [mittel5]famcom = 0
 ( 2)  [mittel4]group = 0
 ( 3)  [mittel4]kapint = 0
 ( 4)  [mittel4]rating = 0

           chi2(  4) =   37.93
         Prob > chi2 =    0.0000

. 
. 
. ************************************************************************************
. * TABLE VI: Robustness checks using alternative measures for innovative capability
. ************************************************************************************
. 
. ** Robustness checks are performed using the preferred specification: 
. ** Base specification + external finance
. 
. 
. *********
. * r1: Defining high innovative capability using qualification level only
. *********
. 
.     drop b1m0 b1m1 b1m2 b0m2 b0m0 b0m1 innocap

.     
.     sum bhsp, d

      Anteil Beschaeftigte mit Hochschulabschluss 2006
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                2466
25%            4              0       Sum of Wgt.        2466

50%           10                      Mean            14.5744
                        Largest       Std. Dev.      17.26172
75%         19.5            100
90%           35            100       Variance        297.967
95%           50            100       Skewness       2.382543
99%           88            100       Kurtosis        9.61724

.     egen publo = pctile(bhsp), p(80)

.     
.     gen innocap = 0

.     replace innocap = 1 if bhsp > publo & bhsp != .
(473 real changes made)

.     
.     gen b1m0=1 if innocap==1 & profit==1
(2397 missing values generated)

.     replace b1m0=0 if b1m0==.
(2397 real changes made)

.     gen b1m1=1 if innocap==1 & profit>1 & profit<5
(2225 missing values generated)

.     replace b1m1=0 if b1m1==.
(2225 real changes made)

.     gen b1m2=1 if innocap==1 & profit>=5 & profit!=8
(2309 missing values generated)

.     replace b1m2=0 if b1m2==.
(2309 real changes made)

.     gen b0m0=1 if innocap==0 & profit==1
(2267 missing values generated)

.     replace b0m0=0 if b0m0==.
(2267 real changes made)

.     gen b0m1=1 if innocap==0 & profit>1 & profit<5
(1206 missing values generated)

.     replace b0m1=0 if b0m1==.
(1206 real changes made)

.     gen b0m2=1 if innocap==0 & profit>5 & profit!=8
(2196 missing values generated)

.     replace b0m2=0 if b0m2==.
(2196 real changes made)

. 
.     global R1BM "b1m0 b1m1 b1m2 b0m0 b0m1"

.     sum $R1BM

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m0 |      2468    .0287682    .1671884          0          1
        b1m1 |      2468    .0984603    .2979964          0          1
        b1m2 |      2468    .0644246    .2455576          0          1
        b0m0 |      2468    .0814425    .2735688          0          1
        b0m1 |      2468    .5113452    .4999726          0          1

. 
.     probit con $R1BM lnsize lnage lnplc east $respond comp famcom group kapint rating $id, robust cluster(cls)

Iteration 0:   log pseudolikelihood = -1611.7826  
Iteration 1:   log pseudolikelihood = -1494.6225  
Iteration 2:   log pseudolikelihood = -1493.4787  
Iteration 3:   log pseudolikelihood = -1493.4623  
Iteration 4:   log pseudolikelihood = -1493.4623  

Probit regression                                 Number of obs   =       2468
                                                  Wald chi2(28)   =          .
                                                  Prob > chi2     =          .
Log pseudolikelihood = -1493.4623                 Pseudo R2       =     0.0734

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
             |               Robust
         con |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
        b1m0 |   .6297526   .1997402     3.15   0.002      .238269    1.021236
        b1m1 |   .2279585   .0949936     2.40   0.016     .0417744    .4141425
        b1m2 |   .4835519   .1318674     3.67   0.000     .2250965    .7420073
        b0m0 |   .0603688    .119767     0.50   0.614    -.1743702    .2951077
        b0m1 |  -.0753264   .0551962    -1.36   0.172    -.1835089    .0328561
      lnsize |    .133228   .0183755     7.25   0.000     .0972126    .1692433
       lnage |   .0109542   .0373552     0.29   0.769    -.0622607    .0841692
       lnplc |  -.0400472    .035219    -1.14   0.256    -.1090752    .0289808
        east |    -.09058   .0533775    -1.70   0.090    -.1951979     .014038
     finance |  -.3233732   .0814204    -3.97   0.000    -.4829542   -.1637922
          RD |   .1073042   .1080778     0.99   0.321    -.1045244    .3191329
     kaufman |  -.2207628   .1149433    -1.92   0.055    -.4460476     .004522
       other |  -.1172137   .1123386    -1.04   0.297    -.3373933    .1029659
        comp |   .0000481   .0003672     0.13   0.896    -.0006716    .0007678
      famcom |   .1128204   .0520731     2.17   0.030      .010759    .2148818
       group |  -.0330136   .0845264    -0.39   0.696    -.1986822    .1326551
      kapint |  -.3384832   .1484579    -2.28   0.023    -.6294553   -.0475111
      rating |    -.04697   .0393735    -1.19   0.233    -.1241407    .0302007
        br_2 |   .3722792   .2655208     1.40   0.161     -.148132    .8926905
        br_3 |   .4556857   .3001841     1.52   0.129    -.1326643    1.044036
        br_4 |   .3216066   .2645549     1.22   0.224    -.1969115    .8401247
        br_5 |   .6066244   .2740334     2.21   0.027     .0695287     1.14372
        br_6 |   .5536793   .2781063     1.99   0.046     .0086008    1.098758
        br_7 |    .700497   .2666781     2.63   0.009     .1778176    1.223176
        br_8 |    .587953   .2640506     2.23   0.026     .0704234    1.105483
        br_9 |    .604696   .2847657     2.12   0.034     .0465654    1.162827
       br_10 |   .7579084   .2824869     2.68   0.007     .2042442    1.311573
       br_11 |   .7798494   .2723795     2.86   0.004     .2459954    1.313703
       br_12 |     .69727    .301431     2.31   0.021     .1064761    1.288064
       br_13 |    .524067   .2757114     1.90   0.057    -.0163175    1.064452
       br_14 |   .1361791   .3031259     0.45   0.653    -.4579366    .7302949
       br_15 |  -.0404274   .2863133    -0.14   0.888    -.6015912    .5207364
       _cons |  -1.227616   .3436956    -3.57   0.000    -1.901247   -.5539847
------------------------------------------------------------------------------

.     fitstat

Measures of Fit for probit of con

Log-Lik Intercept Only:    -1611.783     Log-Lik Full Model:        -1493.462
D(2435):                    2986.925     LR(28):                      236.641
                                         Prob > LR:                     0.000
McFadden's R2:                 0.073     McFadden's Adj R2:             0.053
Maximum Likelihood R2:         0.091     Cragg & Uhler's R2:            0.125
McKelvey and Zavoina's R2:     0.160     Efron's R2:                    0.090
Variance of y*:                1.191     Variance of error:             1.000
Count R2:                      0.658     Adj Count R2:                  0.047
AIC:                           1.237     AIC*n:                      3052.925
BIC:                      -16033.258     BIC':                        -17.928

. 
.     dprobit con $R1BM lnsize lnage lnplc east $respond comp famcom group kapint rating $id, robust cluster(cls)

Iteration 0:   log pseudolikelihood = -1611.7826
Iteration 1:   log pseudolikelihood = -1495.3868
Iteration 2:   log pseudolikelihood = -1493.5234
Iteration 3:   log pseudolikelihood = -1493.4624
Iteration 4:   log pseudolikelihood = -1493.4623

Probit regression, reporting marginal effects           Number of obs =   2468
                                                        Wald chi2(28) =      .
                                                        Prob > chi2   =      .
Log pseudolikelihood = -1493.4623                       Pseudo R2     = 0.0734

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
         |               Robust
     con |      dF/dx   Std. Err.      z    P>|z|     x-bar  [    95% C.I.   ]
---------+--------------------------------------------------------------------
    b1m0*|   .2459834    .077711     3.15   0.002   .028768   .093673  .398294
    b1m1*|   .0866681   .0370217     2.40   0.016    .09846   .014107  .159229
    b1m2*|   .1878736   .0520688     3.67   0.000   .064425   .085821  .289927
    b0m0*|    .022486   .0450139     0.50   0.614   .081442   -.06574  .110712
    b0m1*|  -.0277948   .0204089    -1.36   0.172   .511345  -.067796  .012206
  lnsize |   .0491532   .0067343     7.25   0.000    3.9526   .035954  .062352
   lnage |   .0040415   .0137885     0.29   0.769   2.81865  -.022983  .031066
   lnplc |   -.014775   .0130212    -1.14   0.256   2.47066  -.040296  .010746
    east*|  -.0331736   .0193089    -1.70   0.090   .306726  -.071018  .004671
 finance*|  -.1131154   .0266507    -3.97   0.000   .156807   -.16535 -.060881
      RD*|   .0402694   .0411607     0.99   0.321   .062399  -.040404  .120943
 kaufman*|  -.0780266   .0386086    -1.92   0.055   .076175  -.153698 -.002355
   other*|  -.0423033   .0396239    -1.04   0.297   .063209  -.119965  .035358
    comp |   .0000177   .0001355     0.13   0.896   43.6851  -.000248  .000283
  famcom*|   .0412921   .0188487     2.17   0.030   .665721   .004349  .078235
   group*|  -.0121525   .0310399    -0.39   0.696   .330632   -.07299  .048685
  kapint |  -.1248803   .0546106    -2.28   0.023   .088745  -.231915 -.017845
  rating |  -.0173292   .0145193    -1.19   0.233   2.27288  -.045786  .011128
    br_2*|    .143681    .104899     1.40   0.161   .069692  -.061917  .349279
    br_3*|   .1771136   .1190388     1.52   0.129   .045786  -.056198  .410425
    br_4*|   .1233094    .103793     1.22   0.224   .101297  -.080121   .32674
    br_5*|    .236345   .1069219     2.21   0.027    .06564   .026782  .445908
    br_6*|   .2156972    .109337     1.99   0.046   .057942   .001401  .429994
    br_7*|   .2730357   .1021027     2.63   0.009   .047812   .072918  .473153
    br_8*|   .2277796   .1029675     2.23   0.026   .126418   .025967  .429592
    br_9*|   .2347537   .1111917     2.12   0.034   .107374   .016822  .452685
   br_10*|   .2945171   .1069373     2.68   0.007   .075365   .084924   .50411
   br_11*|   .3027711    .102551     2.86   0.004   .078201   .101775  .503767
   br_12*|   .2719005   .1154797     2.31   0.021   .040519   .045564  .498237
   br_13*|   .2041637   .1087452     1.90   0.057   .049028  -.008973    .4173
   br_14*|    .051325   .1162685     0.45   0.653   .057536  -.176557  .279207
   br_15*|  -.0148041    .104074    -0.14   0.888   .045786  -.218785  .189177
---------+--------------------------------------------------------------------
  obs. P |   .3594003
 pred. P |   .3462642  (at x-bar)
------------------------------------------------------------------------------
(*) dF/dx is for discrete change of dummy variable from 0 to 1
    z and P>|z| correspond to the test of the underlying coefficient being 0

.     est store r1m2

.         
.     ** Test H1: (1) beta1 (b1m0) > beta4 (b0m0); (2) beta2 (b1m1) > beta5 (b0m1); (3) beta3 (b1m2) > 0
.     ** compare pairwise hypotheses with adjusted significance level alpha/3 (Bonferroni)
.     sca bonfi10=0.1/3

.     sca bonfi5=0.05/3

.     sca bonfi1=0.01/3

.     sca di bonfi10 bonfi5 bonfi1
   bonfi10 =  .03333333
    bonfi5 =  .01666667
    bonfi1 =  .00333333

. 
.     sca sidak10=1-(1-0.1)^(1/3)

.     sca sidak5=1-(1-0.05)^(1/3)

.     sca sidak1=1-(1-0.01)^(1/3)

.     sca di sidak10 sidak5 sidak1
   sidak10 =  .03451062
    sidak5 =  .01695243
    sidak1 =  .00334451

. 
.     ** figures " 1 4" just indicate which coefficients are tested, no other meaning
.     uetest  b0m0 b1m0  1 4  

 ( 1)  - b1m0 + b0m0 = 0

           chi2(  1) =    5.70
         Prob > chi2 =    0.0170

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0084823           0   .0084823   .0084823

.     uetest  b0m1 b1m1  2 5

 ( 1)  - b1m1 + b0m1 = 0

           chi2(  1) =   12.15
         Prob > chi2 =    0.0005

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0002451           0   .0002451   .0002451

.     * two-sided test => one-sided test: pvalue/2 
.     test b1m2=0

 ( 1)  b1m2 = 0

           chi2(  1) =   13.45
         Prob > chi2 =    0.0002

.     
.           
.     ** Test H2a: (1) beta1 (b1m0) > beta2 (b1m1); (2) beta1 (b1m0) > beta3 (b1m2); (3) beta2 (b1m1) > beta3 (b1m2)
.     uetest  b1m1 b1m0 1 2  

 ( 1)  - b1m0 + b1m1 = 0

           chi2(  1) =    4.98
         Prob > chi2 =    0.0256

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0127869           0   .0127869   .0127869

.     uetest  b1m2 b1m0 1 3

 ( 1)  - b1m0 + b1m2 = 0

           chi2(  1) =    0.87
         Prob > chi2 =    0.3511

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .1755734           0   .1755734   .1755734

.     uetest  b1m2 b1m1 2 3

 ( 1)  - b1m1 + b1m2 = 0

           chi2(  1) =    4.47
         Prob > chi2 =    0.0346

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .9827147           0   .9827147   .9827147

. 
.     testparm br_*

 ( 1)  br_2 = 0
 ( 2)  br_3 = 0
 ( 3)  br_4 = 0
 ( 4)  br_5 = 0
 ( 5)  br_6 = 0
 ( 6)  br_7 = 0
 ( 7)  br_8 = 0
 ( 8)  br_9 = 0
 ( 9)  br_10 = 0
 (10)  br_11 = 0
 (11)  br_12 = 0
 (12)  br_13 = 0
 (13)  br_14 = 0
 (14)  br_15 = 0

           chi2( 14) =  641.61
         Prob > chi2 =    0.0000

.     test famcom group kapint rating 

 ( 1)  famcom = 0
 ( 2)  group = 0
 ( 3)  kapint = 0
 ( 4)  rating = 0

           chi2(  4) =   10.97
         Prob > chi2 =    0.0270

.     lstat

Probit model for con

              -------- True --------
Classified |         D            ~D  |      Total
-----------+--------------------------+-----------
     +     |       233           191  |        424
     -     |       654          1390  |       2044
-----------+--------------------------+-----------
   Total   |       887          1581  |       2468

Classified + if predicted Pr(D) >= .5
True D defined as con != 0
--------------------------------------------------
Sensitivity                     Pr( +| D)   26.27%
Specificity                     Pr( -|~D)   87.92%
Positive predictive value       Pr( D| +)   54.95%
Negative predictive value       Pr(~D| -)   68.00%
--------------------------------------------------
False + rate for true ~D        Pr( +|~D)   12.08%
False - rate for true D         Pr( -| D)   73.73%
False + rate for classified +   Pr(~D| +)   45.05%
False - rate for classified -   Pr( D| -)   32.00%
--------------------------------------------------
Correctly classified                        65.76%
--------------------------------------------------

. 
. 
. *********
. * r2: Defining high innovative capability using R&D intensity 
. *********
. 
.     drop b1m0 b1m1 b1m2 b0m2 b0m0 b0m1 innocap publo

.     
.     sum fueb, d

                  FuE Beschaeftigte in 2006
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                2400
25%            0              0       Sum of Wgt.        2400

50%            0                      Mean           17.02112
                        Largest       Std. Dev.      176.8344
75%            3           2300
90%         11.5           2800       Variance        31270.4
95%         29.5           3600       Skewness       23.30264
99%          250           6000       Kurtosis       663.6151

.     egen publo = pctile(fuebp), p(80)

.     
.     gen innocap = 0

.     replace innocap = 1 if fuebp > publo & fuebp !=.
(475 real changes made)

. 
.     gen b1m0=1 if innocap==1 & profit==1
(2412 missing values generated)

.     replace b1m0=0 if b1m0==.
(2412 real changes made)

.     gen b1m1=1 if innocap==1 & profit>1 & profit<5
(2210 missing values generated)

.     replace b1m1=0 if b1m1==.
(2210 real changes made)

.     gen b1m2=1 if innocap==1 & profit>=5 & profit!=8
(2307 missing values generated)

.     replace b1m2=0 if b1m2==.
(2307 real changes made)

.     gen b0m0=1 if innocap==0 & profit==1
(2252 missing values generated)

.     replace b0m0=0 if b0m0==.
(2252 real changes made)

.     gen b0m1=1 if innocap==0 & profit>1 & profit<5
(1221 missing values generated)

.     replace b0m1=0 if b0m1==.
(1221 real changes made)

.     gen b0m2=1 if innocap==0 & profit>5 & profit!=8
(2204 missing values generated)

.     replace b0m2=0 if b0m2==.
(2204 real changes made)

. 
. 
.     global R2BM "b1m0 b1m1 b1m2 b0m0 b0m1"

.     sum $R2BM

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m0 |      2468    .0226904    .1489449          0          1
        b1m1 |      2468    .1045381    .3060193          0          1
        b1m2 |      2468     .065235    .2469901          0          1
        b0m0 |      2468    .0875203    .2826532          0          1
        b0m1 |      2468    .5052674    .5000736          0          1

. 
.     probit con $R2BM lnsize lnage lnplc east $respond comp famcom group kapint rating $id, robust cluster(cls)

Iteration 0:   log pseudolikelihood = -1611.7826  
Iteration 1:   log pseudolikelihood = -1475.9338  
Iteration 2:   log pseudolikelihood = -1474.7472  
Iteration 3:   log pseudolikelihood = -1474.7254  
Iteration 4:   log pseudolikelihood = -1474.7254  

Probit regression                                 Number of obs   =       2468
                                                  Wald chi2(28)   =          .
                                                  Prob > chi2     =          .
Log pseudolikelihood = -1474.7254                 Pseudo R2       =     0.0850

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
             |               Robust
         con |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
        b1m0 |   .9158344   .2131716     4.30   0.000     .4980257    1.333643
        b1m1 |    .427744   .1101729     3.88   0.000     .2118091    .6436789
        b1m2 |   .6898003   .2084037     3.31   0.001     .2813365    1.098264
        b0m0 |   .0847363    .114778     0.74   0.460    -.1402244    .3096969
        b0m1 |  -.0573145   .0622106    -0.92   0.357     -.179245     .064616
      lnsize |   .1272666   .0139455     9.13   0.000     .0999339    .1545993
       lnage |   .0334655   .0376895     0.89   0.375    -.0404047    .1073356
       lnplc |  -.0245358    .037154    -0.66   0.509    -.0973562    .0482846
        east |  -.0898933   .0524332    -1.71   0.086    -.1926604    .0128739
     finance |  -.2917136   .0860546    -3.39   0.001    -.4603775   -.1230498
          RD |   .0913527   .1110496     0.82   0.411    -.1263005    .3090059
     kaufman |  -.1954868   .1142398    -1.71   0.087    -.4193926    .0284191
       other |  -.1060484   .1097186    -0.97   0.334    -.3210928     .108996
        comp |   .0000227   .0003037     0.07   0.940    -.0005725    .0006179
      famcom |   .1172089   .0502591     2.33   0.020     .0187029    .2157149
       group |  -.0018617   .0867118    -0.02   0.983    -.1718136    .1680903
      kapint |  -.3371239   .1383444    -2.44   0.015    -.6082739   -.0659739
      rating |  -.0449296   .0421941    -1.06   0.287    -.1276285    .0377693
        br_2 |   .3993765   .2668834     1.50   0.135    -.1237053    .9224584
        br_3 |   .4480772   .2953916     1.52   0.129    -.1308797    1.027034
        br_4 |   .3768955   .2666069     1.41   0.157    -.1456445    .8994356
        br_5 |   .4947885   .2814473     1.76   0.079    -.0568381    1.046415
        br_6 |   .5244088   .2761227     1.90   0.058    -.0167818    1.065599
        br_7 |   .6871642   .2672292     2.57   0.010     .1634046    1.210924
        br_8 |   .6048203   .2661594     2.27   0.023     .0831575    1.126483
        br_9 |   .5434708    .288403     1.88   0.060    -.0217886     1.10873
       br_10 |   .7517036   .2803959     2.68   0.007     .2021377    1.301269
       br_11 |   .7453999    .271471     2.75   0.006     .2133266    1.277473
       br_12 |   .7331107   .3000079     2.44   0.015      .145106    1.321115
       br_13 |   .5163862    .277029     1.86   0.062    -.0265807    1.059353
       br_14 |   .2041012     .31711     0.64   0.520    -.4174231    .8256254
       br_15 |  -.0042223   .2834207    -0.01   0.988    -.5597166    .5512721
       _cons |  -1.379487   .3399214    -4.06   0.000    -2.045721   -.7132535
------------------------------------------------------------------------------

.     fitstat

Measures of Fit for probit of con

Log-Lik Intercept Only:    -1611.783     Log-Lik Full Model:        -1474.725
D(2435):                    2949.451     LR(28):                      274.115
                                         Prob > LR:                     0.000
McFadden's R2:                 0.085     McFadden's Adj R2:             0.065
Maximum Likelihood R2:         0.105     Cragg & Uhler's R2:            0.144
McKelvey and Zavoina's R2:     0.179     Efron's R2:                    0.104
Variance of y*:                1.218     Variance of error:             1.000
Count R2:                      0.672     Adj Count R2:                  0.087
AIC:                           1.222     AIC*n:                      3015.451
BIC:                      -16070.732     BIC':                        -55.402

. 
.     dprobit con $R2BM lnsize lnage lnplc east $respond comp famcom group kapint rating $id, robust cluster(cls)

Iteration 0:   log pseudolikelihood = -1611.7826
Iteration 1:   log pseudolikelihood = -1476.7628
Iteration 2:   log pseudolikelihood = -1474.7963
Iteration 3:   log pseudolikelihood = -1474.7256
Iteration 4:   log pseudolikelihood = -1474.7254
Iteration 5:   log pseudolikelihood = -1474.7254

Probit regression, reporting marginal effects           Number of obs =   2468
                                                        Wald chi2(28) =      .
                                                        Prob > chi2   =      .
Log pseudolikelihood = -1474.7254                       Pseudo R2     = 0.0850

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
         |               Robust
     con |      dF/dx   Std. Err.      z    P>|z|     x-bar  [    95% C.I.   ]
---------+--------------------------------------------------------------------
    b1m0*|    .352737   .0751901     4.30   0.000    .02269   .205367  .500107
    b1m1*|   .1650394   .0433603     3.88   0.000   .104538   .080055  .250024
    b1m2*|   .2685842   .0802776     3.31   0.001   .065235   .111243  .425925
    b0m0*|     .03164   .0433831     0.74   0.460    .08752  -.053389  .116669
    b0m1*|  -.0211237   .0229168    -0.92   0.357   .505267   -.06604  .023792
  lnsize |   .0469048   .0050832     9.13   0.000    3.9526   .036942  .056868
   lnage |   .0123339   .0139169     0.89   0.375   2.81865  -.014943  .039611
   lnplc |  -.0090428   .0137133    -0.66   0.509   2.47066   -.03592  .017835
    east*|  -.0328882   .0189386    -1.71   0.086   .306726  -.070007  .004231
 finance*|  -.1025224   .0285228    -3.39   0.001   .156807  -.158426 -.046619
      RD*|   .0341709   .0420863     0.82   0.411   .062399  -.048317  .116659
 kaufman*|  -.0693865   .0388273    -1.71   0.087   .076175  -.145487  .006714
   other*|  -.0383151   .0388272    -0.97   0.334   .063209  -.114415  .037785
    comp |   8.37e-06   .0001119     0.07   0.940   43.6851  -.000211  .000228
  famcom*|   .0428369   .0181548     2.33   0.020   .665721   .007254   .07842
   group*|   -.000686   .0319502    -0.02   0.983   .330632  -.063307  .061935
  kapint |   -.124249   .0508907    -2.44   0.015   .088745  -.223993 -.024505
  rating |   -.016559   .0155333    -1.06   0.287   2.27288  -.047004  .013886
    br_2*|   .1543297    .105485     1.50   0.135   .069692  -.052417  .361076
    br_3*|   .1740045   .1171275     1.52   0.129   .045786  -.055561   .40357
    br_4*|   .1450076   .1048907     1.41   0.157   .101297  -.060574   .35059
    br_5*|   .1922124   .1111203     1.76   0.079    .06564  -.025579  .410004
    br_6*|   .2040617   .1088608     1.90   0.058   .057942  -.009302  .417425
    br_7*|   .2678557   .1026819     2.57   0.010   .047812   .066603  .469108
    br_8*|   .2342709   .1036084     2.27   0.023   .126418   .031202   .43734
    br_9*|   .2106406   .1133065     1.88   0.060   .107374  -.011436  .432717
   br_10*|   .2921053   .1063642     2.68   0.007   .075365   .083635  .500575
   br_11*|   .2896592     .10317     2.75   0.006   .078201    .08745  .491869
   br_12*|   .2855374   .1139209     2.44   0.015   .040519   .062257  .508818
   br_13*|   .2010417   .1093417     1.86   0.062   .049028  -.013264  .415348
   br_14*|   .0775367   .1232889     0.64   0.520   .057536  -.164105  .319179
   br_15*|   -.001555   .1043004    -0.01   0.988   .045786   -.20598   .20287
---------+--------------------------------------------------------------------
  obs. P |   .3594003
 pred. P |   .3452928  (at x-bar)
------------------------------------------------------------------------------
(*) dF/dx is for discrete change of dummy variable from 0 to 1
    z and P>|z| correspond to the test of the underlying coefficient being 0

.     est store r2m2

.         
.     ** Test H1: (1) beta1 (b1m0) > beta4 (b0m0); (2) beta2 (b1m1) > beta5 (b0m1); (3) beta3 (b1m2) > 0
.     ** compare pairwise hypotheses with adjusted significance level alpha/3 (Bonferroni)
.     sca bonfi10=0.1/3

.     sca bonfi5=0.05/3

.     sca bonfi1=0.01/3

.     sca di bonfi10 bonfi5 bonfi1
   bonfi10 =  .03333333
    bonfi5 =  .01666667
    bonfi1 =  .00333333

. 
.     sca sidak10=1-(1-0.1)^(1/3)

.     sca sidak5=1-(1-0.05)^(1/3)

.     sca sidak1=1-(1-0.01)^(1/3)

.     sca di sidak10 sidak5 sidak1
   sidak10 =  .03451062
    sidak5 =  .01695243
    sidak1 =  .00334451

. 
.     ** figures " 1 4" just indicate which coefficients are tested, no other meaning
.     uetest  b0m0 b1m0  1 4  

 ( 1)  - b1m0 + b0m0 = 0

           chi2(  1) =   16.49
         Prob > chi2 =    0.0000

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0000245           0   .0000245   .0000245

.     uetest  b0m1 b1m1  2 5

 ( 1)  - b1m1 + b0m1 = 0

           chi2(  1) =   20.76
         Prob > chi2 =    0.0000

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    2.60e-06           0   2.60e-06   2.60e-06

.     * two-sided test => one-sided test: pvalue/2 
.     test b1m2=0

 ( 1)  b1m2 = 0

           chi2(  1) =   10.96
         Prob > chi2 =    0.0009

.     
.           
.     ** Test H2a: (1) beta1 (b1m0) > beta2 (b1m1); (2) beta1 (b1m0) > beta3 (b1m2); (3) beta2 (b1m1) > beta3 (b1m2)
.     uetest  b1m1 b1m0 1 2  

 ( 1)  - b1m0 + b1m1 = 0

           chi2(  1) =    4.48
         Prob > chi2 =    0.0343

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0171606           0   .0171606   .0171606

.     uetest  b1m2 b1m0 1 3

 ( 1)  - b1m0 + b1m2 = 0

           chi2(  1) =    1.16
         Prob > chi2 =    0.2824

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .1411763           0   .1411763   .1411763

.     uetest  b1m2 b1m1 2 3

 ( 1)  - b1m1 + b1m2 = 0

           chi2(  1) =    2.51
         Prob > chi2 =    0.1132

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .9434241           0   .9434241   .9434241

. 
.     testparm br_*

 ( 1)  br_2 = 0
 ( 2)  br_3 = 0
 ( 3)  br_4 = 0
 ( 4)  br_5 = 0
 ( 5)  br_6 = 0
 ( 6)  br_7 = 0
 ( 7)  br_8 = 0
 ( 8)  br_9 = 0
 ( 9)  br_10 = 0
 (10)  br_11 = 0
 (11)  br_12 = 0
 (12)  br_13 = 0
 (13)  br_14 = 0
 (14)  br_15 = 0

           chi2( 14) =  738.70
         Prob > chi2 =    0.0000

.     test famcom group kapint rating 

 ( 1)  famcom = 0
 ( 2)  group = 0
 ( 3)  kapint = 0
 ( 4)  rating = 0

           chi2(  4) =   14.78
         Prob > chi2 =    0.0052

.     lstat

Probit model for con

              -------- True --------
Classified |         D            ~D  |      Total
-----------+--------------------------+-----------
     +     |       256           179  |        435
     -     |       631          1402  |       2033
-----------+--------------------------+-----------
   Total   |       887          1581  |       2468

Classified + if predicted Pr(D) >= .5
True D defined as con != 0
--------------------------------------------------
Sensitivity                     Pr( +| D)   28.86%
Specificity                     Pr( -|~D)   88.68%
Positive predictive value       Pr( D| +)   58.85%
Negative predictive value       Pr(~D| -)   68.96%
--------------------------------------------------
False + rate for true ~D        Pr( +|~D)   11.32%
False - rate for true D         Pr( -| D)   71.14%
False + rate for classified +   Pr(~D| +)   41.15%
False - rate for classified -   Pr( D| -)   31.04%
--------------------------------------------------
Correctly classified                        67.18%
--------------------------------------------------

. 
. 
. *********
. * r3: Defining high innovative capability using prior innovation success
. *********
. 
.     drop b1m0 b1m1 b1m2 b0m2 b0m0 b0m1 publo 

.     
.     gen b1m0=1 if mneu==1 & profit==1
(2401 missing values generated)

.     replace b1m0=0 if b1m0==.
(2401 real changes made)

.     gen b1m1=1 if mneu==1 & profit>1 & profit<5
(2098 missing values generated)

.     replace b1m1=0 if b1m1==.
(2098 real changes made)

.     gen b1m2=1 if mneu==1 & profit>=5 & profit!=8
(2266 missing values generated)

.     replace b1m2=0 if b1m2==.
(2266 real changes made)

.     gen b0m0=1 if mneu==0 & profit==1
(2271 missing values generated)

.     replace b0m0=0 if b0m0==.
(2271 real changes made)

.     gen b0m1=1 if mneu==0 & profit>1 & profit<5
(1395 missing values generated)

.     replace b0m1=0 if b0m1==.
(1395 real changes made)

.     gen b0m2=1 if mneu==0 & profit>=5 & profit!=8
(2015 missing values generated)

.     replace b0m2=0 if b0m2==.
(2015 real changes made)

. 
. 
.     global R3BM "b1m0 b1m1 b1m2 b0m0 b0m1"

.     sum $R3BM

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m0 |      2468    .0271475     .162546          0          1
        b1m1 |      2468     .149919    .3570643          0          1
        b1m2 |      2468    .0818476     .274188          0          1
        b0m0 |      2468    .0798217    .2710719          0          1
        b0m1 |      2468     .434765    .4958266          0          1

. 
.     probit con $R3BM lnsize lnage lnplc east $respond comp famcom group kapint rating $id, robust cluster(cls)

Iteration 0:   log pseudolikelihood = -1611.7826  
Iteration 1:   log pseudolikelihood = -1468.6911  
Iteration 2:   log pseudolikelihood = -1467.4222  
Iteration 3:   log pseudolikelihood = -1467.4023  
Iteration 4:   log pseudolikelihood = -1467.4023  

Probit regression                                 Number of obs   =       2468
                                                  Wald chi2(28)   =          .
                                                  Prob > chi2     =          .
Log pseudolikelihood = -1467.4023                 Pseudo R2       =     0.0896

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
             |               Robust
         con |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
        b1m0 |     .89493   .1451439     6.17   0.000     .6104532    1.179407
        b1m1 |   .4790568   .0952592     5.03   0.000     .2923522    .6657614
        b1m2 |    .559376   .1197698     4.67   0.000     .3246314    .7941205
        b0m0 |   .0654344   .1350552     0.48   0.628    -.1992689    .3301378
        b0m1 |  -.0662201   .0601027    -1.10   0.271    -.1840192     .051579
      lnsize |   .0780271   .0165575     4.71   0.000      .045575    .1104792
       lnage |   .0083829    .038177     0.22   0.826    -.0664427    .0832085
       lnplc |  -.0270913    .035065    -0.77   0.440    -.0958173    .0416348
        east |  -.0473059   .0538514    -0.88   0.380    -.1528527    .0582409
     finance |  -.2526513   .0855642    -2.95   0.003     -.420354   -.0849485
          RD |   .1268063   .1145309     1.11   0.268    -.0976702    .3512828
     kaufman |  -.1354182   .1125824    -1.20   0.229    -.3560756    .0852392
       other |  -.0753105   .1076912    -0.70   0.484    -.2863814    .1357605
        comp |   .0002054   .0003597     0.57   0.568    -.0004996    .0009103
      famcom |    .076096   .0487998     1.56   0.119    -.0195499    .1717419
       group |  -.0184774   .0790281    -0.23   0.815    -.1733697    .1364148
      kapint |  -.3237355   .1393269    -2.32   0.020    -.5968112   -.0506599
      rating |  -.0611214   .0440478    -1.39   0.165    -.1474535    .0252107
        br_2 |   .3238923   .2895749     1.12   0.263    -.2436641    .8914486
        br_3 |   .4119443   .3177957     1.30   0.195    -.2109239    1.034813
        br_4 |   .3330985   .2888568     1.15   0.249    -.2330504    .8992474
        br_5 |   .5507063   .2931116     1.88   0.060    -.0237819    1.125194
        br_6 |   .4686152   .3031588     1.55   0.122    -.1255651    1.062796
        br_7 |   .6148794   .2907239     2.11   0.034     .0450711    1.184688
        br_8 |   .5561967   .2890954     1.92   0.054    -.0104199    1.122813
        br_9 |   .5367165   .3055844     1.76   0.079     -.062218    1.135651
       br_10 |   .7259745   .3012033     2.41   0.016     .1356269    1.316322
       br_11 |   .7502945   .2910254     2.58   0.010     .1798952    1.320694
       br_12 |   .6390917   .3213528     1.99   0.047     .0092518    1.268932
       br_13 |   .4603866   .2962547     1.55   0.120    -.1202618    1.041035
       br_14 |   .2107987    .323629     0.65   0.515    -.4235025    .8450998
       br_15 |   .0154548   .3167489     0.05   0.961    -.6053618    .6362713
       _cons |   -1.07451   .3592721    -2.99   0.003     -1.77867   -.3703495
------------------------------------------------------------------------------

.     fitstat

Measures of Fit for probit of con

Log-Lik Intercept Only:    -1611.783     Log-Lik Full Model:        -1467.402
D(2435):                    2934.805     LR(28):                      288.761
                                         Prob > LR:                     0.000
McFadden's R2:                 0.090     McFadden's Adj R2:             0.069
Maximum Likelihood R2:         0.110     Cragg & Uhler's R2:            0.151
McKelvey and Zavoina's R2:     0.181     Efron's R2:                    0.112
Variance of y*:                1.221     Variance of error:             1.000
Count R2:                      0.683     Adj Count R2:                  0.118
AIC:                           1.216     AIC*n:                      3000.805
BIC:                      -16085.378     BIC':                        -70.048

. 
.     dprobit con $R3BM lnsize lnage lnplc east $respond comp famcom group kapint rating $id, robust cluster(cls)

Iteration 0:   log pseudolikelihood = -1611.7826
Iteration 1:   log pseudolikelihood = -1469.1178
Iteration 2:   log pseudolikelihood = -1467.4554
Iteration 3:   log pseudolikelihood = -1467.4025
Iteration 4:   log pseudolikelihood = -1467.4023

Probit regression, reporting marginal effects           Number of obs =   2468
                                                        Wald chi2(28) =      .
                                                        Prob > chi2   =      .
Log pseudolikelihood = -1467.4023                       Pseudo R2     = 0.0896

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
         |               Robust
     con |      dF/dx   Std. Err.      z    P>|z|     x-bar  [    95% C.I.   ]
---------+--------------------------------------------------------------------
    b1m0*|   .3453413   .0517989     6.17   0.000   .027147   .243817  .446865
    b1m1*|   .1845266   .0374594     5.03   0.000   .149919   .111107  .257946
    b1m2*|   .2174822   .0471115     4.67   0.000   .081848   .125145  .309819
    b0m0*|   .0243873   .0508664     0.48   0.628   .079822  -.075309  .124084
    b0m1*|  -.0243802    .022046    -1.10   0.271   .434765  -.067589  .018829
  lnsize |    .028781   .0060625     4.71   0.000    3.9526   .016899  .040663
   lnage |   .0030921   .0140879     0.22   0.826   2.81865   -.02452  .030704
   lnplc |  -.0099929   .0129561    -0.77   0.440   2.47066  -.035386  .015401
    east*|  -.0173841   .0196723    -0.88   0.380   .306726  -.055941  .021173
 finance*|  -.0895266   .0288927    -2.95   0.003   .156807  -.146155 -.032898
      RD*|    .047711   .0438425     1.11   0.268   .062399  -.038219  .133641
 kaufman*|  -.0487178    .039385    -1.20   0.229   .076175  -.125911  .028475
   other*|  -.0273993   .0386359    -0.70   0.484   .063209  -.103124  .048326
    comp |   .0000757   .0001328     0.57   0.568   43.6851  -.000185  .000336
  famcom*|    .027921   .0177749     1.56   0.119   .665721  -.006917  .062759
   group*|   -.006807   .0290766    -0.23   0.815   .330632  -.063796  .050182
  kapint |  -.1194127    .051277    -2.32   0.020   .088745  -.219914 -.018912
  rating |  -.0225452   .0162283    -1.39   0.165   2.27288  -.054352  .009262
    br_2*|   .1245205   .1140718     1.12   0.263   .069692  -.099056  .348097
    br_3*|    .159715   .1260742     1.30   0.195   .045786  -.087386  .406816
    br_4*|   .1278135   .1134119     1.15   0.249   .101297   -.09447  .350097
    br_5*|   .2143708   .1151719     1.88   0.060    .06564  -.011362  .440104
    br_6*|   .1820392   .1199704     1.55   0.122   .057942  -.053098  .417177
    br_7*|   .2398693   .1132859     2.11   0.034   .047812   .017833  .461906
    br_8*|   .2153149   .1130433     1.92   0.054   .126418  -.006246  .436876
    br_9*|   .2080615   .1200673     1.76   0.079   .107374  -.027266  .443389
   br_10*|   .2823444   .1149211     2.41   0.016   .075365   .057103  .507586
   br_11*|   .2915684   .1104207     2.58   0.010   .078201   .075148  .507989
   br_12*|   .2494219   .1247184     1.99   0.047   .040519   .004978  .493865
   br_13*|   .1789127   .1173139     1.55   0.120   .049028  -.051018  .408844
   br_14*|   .0801954   .1259868     0.65   0.515   .057536  -.166734  .327125
   br_15*|   .0057163   .1174598     0.05   0.961   .045786  -.224501  .235933
---------+--------------------------------------------------------------------
  obs. P |   .3594003
 pred. P |    .346057  (at x-bar)
------------------------------------------------------------------------------
(*) dF/dx is for discrete change of dummy variable from 0 to 1
    z and P>|z| correspond to the test of the underlying coefficient being 0

.     est store r3m2

.         
.     ** Test H1: (1) beta1 (b1m0) > beta4 (b0m0); (2) beta2 (b1m1) > beta5 (b0m1); (3) beta3 (b1m2) > 0
.     ** compare pairwise hypotheses with adjusted significance level alpha/3 (Bonferroni)
.     sca bonfi10=0.1/3

.     sca bonfi5=0.05/3

.     sca bonfi1=0.01/3

.     sca di bonfi10 bonfi5 bonfi1
   bonfi10 =  .03333333
    bonfi5 =  .01666667
    bonfi1 =  .00333333

. 
.     sca sidak10=1-(1-0.1)^(1/3)

.     sca sidak5=1-(1-0.05)^(1/3)

.     sca sidak1=1-(1-0.01)^(1/3)

.     sca di sidak10 sidak5 sidak1
   sidak10 =  .03451062
    sidak5 =  .01695243
    sidak1 =  .00334451

. 
.     ** figures " 1 4" just indicate which coefficients are tested, no other meaning
.     uetest  b0m0 b1m0  1 4  

 ( 1)  - b1m0 + b0m0 = 0

           chi2(  1) =   20.62
         Prob > chi2 =    0.0000

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    2.79e-06           0   2.79e-06   2.79e-06

.     uetest  b0m1 b1m1  2 5

 ( 1)  - b1m1 + b0m1 = 0

           chi2(  1) =   48.77
         Prob > chi2 =    0.0000

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    1.44e-12           0   1.44e-12   1.44e-12

.     * two-sided test => one-sided test: pvalue/2 
.     test b1m2=0

 ( 1)  b1m2 = 0

           chi2(  1) =   21.81
         Prob > chi2 =    0.0000

.     
.           
.     ** Test H2a: (1) beta1 (b1m0) > beta2 (b1m1); (2) beta1 (b1m0) > beta3 (b1m2); (3) beta2 (b1m1) > beta3 (b1m2)
.     uetest  b1m1 b1m0 1 2  

 ( 1)  - b1m0 + b1m1 = 0

           chi2(  1) =    6.82
         Prob > chi2 =    0.0090

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0044985           0   .0044985   .0044985

.     uetest  b1m2 b1m0 1 3

 ( 1)  - b1m0 + b1m2 = 0

           chi2(  1) =    5.46
         Prob > chi2 =    0.0194

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0097149           0   .0097149   .0097149

.     uetest  b1m2 b1m1 2 3

 ( 1)  - b1m1 + b1m2 = 0

           chi2(  1) =    0.57
         Prob > chi2 =    0.4496

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .7752188           0   .7752188   .7752188

. 
.     testparm br_*

 ( 1)  br_2 = 0
 ( 2)  br_3 = 0
 ( 3)  br_4 = 0
 ( 4)  br_5 = 0
 ( 5)  br_6 = 0
 ( 6)  br_7 = 0
 ( 7)  br_8 = 0
 ( 8)  br_9 = 0
 ( 9)  br_10 = 0
 (10)  br_11 = 0
 (11)  br_12 = 0
 (12)  br_13 = 0
 (13)  br_14 = 0
 (14)  br_15 = 0

           chi2( 14) =  352.40
         Prob > chi2 =    0.0000

.     test famcom group kapint rating 

 ( 1)  famcom = 0
 ( 2)  group = 0
 ( 3)  kapint = 0
 ( 4)  rating = 0

           chi2(  4) =    9.72
         Prob > chi2 =    0.0455

.     lstat

Probit model for con

              -------- True --------
Classified |         D            ~D  |      Total
-----------+--------------------------+-----------
     +     |       314           209  |        523
     -     |       573          1372  |       1945
-----------+--------------------------+-----------
   Total   |       887          1581  |       2468

Classified + if predicted Pr(D) >= .5
True D defined as con != 0
--------------------------------------------------
Sensitivity                     Pr( +| D)   35.40%
Specificity                     Pr( -|~D)   86.78%
Positive predictive value       Pr( D| +)   60.04%
Negative predictive value       Pr(~D| -)   70.54%
--------------------------------------------------
False + rate for true ~D        Pr( +|~D)   13.22%
False - rate for true D         Pr( -| D)   64.60%
False + rate for classified +   Pr(~D| +)   39.96%
False - rate for classified -   Pr( D| -)   29.46%
--------------------------------------------------
Correctly classified                        68.31%
--------------------------------------------------

. 
. 
. 
. 
. **************************************************************
. * TABLE VII: Probit and ordered model with sample selection 
. **************************************************************
. 
. ** Use original definition of innocap again
. 
.     drop b1m0 b1m1 b1m2 b0m2 b0m0 b0m1 innocap train pablo

.     
.     sum bhsp, d

      Anteil Beschaeftigte mit Hochschulabschluss 2006
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                2466
25%            4              0       Sum of Wgt.        2466

50%           10                      Mean            14.5744
                        Largest       Std. Dev.      17.26172
75%         19.5            100
90%           35            100       Variance        297.967
95%           50            100       Skewness       2.382543
99%           88            100       Kurtosis        9.61724

.     egen pablo = pctile(bhsp), p(80)  

.     
.     sum wb_b, d

                            wb_b
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                2468
25%     .0024477              0       Sum of Wgt.        2468

50%     .0070609                      Mean           .0171099
                        Largest       Std. Dev.      .0798385
75%     .0144139           1.36
90%      .028609       1.780992       Variance       .0063742
95%     .0491459       1.803279       Skewness        19.1852
99%     .1481481       2.115541       Kurtosis       430.9415

.     egen train = pctile(wb_b), p(80) 

.     
.     gen innocap = 0

.     replace innocap = 1 if (bhsp > pablo & bhsp !=.) | (wb_b > train & wb_b !=.) 
(813 real changes made)

.      
.     cap drop hv train

.     
.     gen b1m0=1 if innocap==1 & profit==1
(2371 missing values generated)

.     replace b1m0=0 if b1m0==.
(2371 real changes made)

.     gen b1m1=1 if innocap==1 & profit>1 & profit<5
(2024 missing values generated)

.     replace b1m1=0 if b1m1==.
(2024 real changes made)

.     gen b1m2=1 if innocap==1 & profit>=5 & profit!=8
(2196 missing values generated)

.     replace b1m2=0 if b1m2==.
(2196 real changes made)

.     gen b0m0=1 if innocap==0 & profit==1
(2293 missing values generated)

.     replace b0m0=0 if b0m0==.
(2293 real changes made)

.     gen b0m1=1 if innocap==0 & profit>1 & profit<5
(1407 missing values generated)

.     replace b0m1=0 if b0m1==.
(1407 real changes made)

.     gen b0m2=1 if innocap==0 & profit>=5 & profit!=8
(2049 missing values generated)

.     replace b0m2=0 if b0m2==.
(2049 real changes made)

. 
.     global BM "b1m0 b1m1 b1m2 b0m0 b0m1"

.     sum $BM

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        b1m0 |      2468    .0393031    .1943545          0          1
        b1m1 |      2468    .1799028    .3841843          0          1
        b1m2 |      2468    .1102107    .3132157          0          1
        b0m0 |      2468    .0709076    .2567225          0          1
        b0m1 |      2468    .4299028    .4951623          0          1

. 
. 
.     sum inno 

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        inno |      2468    .6835494    .4651852          0          1

.     sum divers L1exint 

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
      divers |      2468    1.970407    2.619606          1        100
     L1exint |      2468    18.62047    24.87174          0        100

. 
. 
. ** for constraint yes/no(CON)
. 
.     * exclusion restriction for explaining innovation, but not financial constraints:
.     * lagged export intensity, diversification
.     
.         set seed 123456789

.     
.     ** full estimation sample (lagged export intensity included imputed values) 
.         cmp (con = $BM lnsize lnage lnplc east $respond comp famcom group kapint rating $id) /*
>             */ (inno = lnsize lnage lnplc east comp group kapint famcom divers L1exint $id), ind(inno*4 4) qui rob cluster(cls)

Fitting individual models as starting point for full model fit.

Fitting full model.

Mixed-process regression                          Number of obs   =       2468
                                                  Wald chi2(2)    =    4186.32
Log pseudolikelihood = -2389.0656                 Prob > chi2     =     0.0000

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
             |               Robust
             |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
con          |
        b1m0 |   .6804848    .148218     4.59   0.000     .3899829    .9709868
        b1m1 |   .2139486   .0898839     2.38   0.017     .0377794    .3901177
        b1m2 |   .2868625   .1457796     1.97   0.049     .0011397    .5725853
        b0m0 |   .1072065   .1501294     0.71   0.475    -.1870417    .4014547
        b0m1 |  -.0557559   .0797109    -0.70   0.484    -.2119864    .1004746
      lnsize |   .0763378    .031525     2.42   0.015       .01455    .1381257
       lnage |   .0273048   .0421798     0.65   0.517     -.055366    .1099756
       lnplc |  -.0528839   .0462329    -1.14   0.253    -.1434987    .0377309
        east |   -.067444   .0664751    -1.01   0.310    -.1977328    .0628449
     finance |  -.1315052   .0775176    -1.70   0.090    -.2834369    .0204264
          RD |   .1207815    .115094     1.05   0.294    -.1047986    .3463617
     kaufman |  -.0658438   .1304148    -0.50   0.614    -.3214521    .1897645
       other |  -.0098015   .1153513    -0.08   0.932    -.2358858    .2162829
        comp |   .0000746   .0003889     0.19   0.848    -.0006876    .0008367
      famcom |   .1254932   .0578586     2.17   0.030     .0120925    .2388939
       group |   -.086177   .0914059    -0.94   0.346    -.2653292    .0929752
      kapint |   -.325809   .1561137    -2.09   0.037    -.6317863   -.0198317
      rating |  -.0575491   .0511921    -1.12   0.261    -.1578838    .0427857
        br_2 |  -.0114849    .376302    -0.03   0.976    -.7490232    .7260535
        br_3 |   .2129326   .4241711     0.50   0.616    -.6184275    1.044293
        br_4 |   .0286743   .3771288     0.08   0.939    -.7104845    .7678331
        br_5 |   .1908943    .421353     0.45   0.651    -.6349424    1.016731
        br_6 |   .3317307   .3987252     0.83   0.405    -.4497564    1.113218
        br_7 |   .5689959   .3756296     1.51   0.130    -.1672245    1.305216
        br_8 |   .3392342   .3733725     0.91   0.364    -.3925624    1.071031
        br_9 |   .2804346    .427299     0.66   0.512     -.557056    1.117925
       br_10 |   .4703864   .4228468     1.11   0.266    -.3583782    1.299151
       br_11 |   .3885406   .4294138     0.90   0.366     -.453095    1.230176
       br_12 |   .4391103    .410673     1.07   0.285     -.365794    1.244015
       br_13 |   .2937606   .3876752     0.76   0.449    -.4660689     1.05359
       br_14 |   .2671055   .3987212     0.67   0.503    -.5143737    1.048585
       br_15 |   .0126939   .3876631     0.03   0.974    -.7471117    .7724995
       _cons |  -.6091445   .5760865    -1.06   0.290    -1.738253    .5199642
-------------+----------------------------------------------------------------
inno         |
      lnsize |   .1449002    .021867     6.63   0.000     .1020417    .1877586
       lnage |  -.1251018   .0367419    -3.40   0.001    -.1971147    -.053089
       lnplc |   .0141854   .0292479     0.49   0.628    -.0431394    .0715102
        east |  -.0832032   .0515999    -1.61   0.107    -.1843371    .0179307
        comp |   .0012204   .0004706     2.59   0.010     .0002981    .0021426
       group |   .1814466   .0676438     2.68   0.007     .0488673    .3140259
      kapint |  -.0586512   .0849756    -0.69   0.490    -.2252004     .107898
      famcom |   .0460597   .0794577     0.58   0.562    -.1096745    .2017939
      divers |   .0704116   .0411432     1.71   0.087    -.0102275    .1510507
     L1exint |   .0084095   .0016704     5.03   0.000     .0051355    .0116835
        br_2 |   .4358206   .1162616     3.75   0.000      .207952    .6636891
        br_3 |   .6507597   .1939865     3.35   0.001      .270553    1.030966
        br_4 |   .5788831   .1373484     4.21   0.000     .3096851     .848081
        br_5 |   1.037362    .109082     9.51   0.000     .8235649    1.251158
        br_6 |   .5280793   .1236873     4.27   0.000     .2856567    .7705019
        br_7 |   .2895238   .1380069     2.10   0.036     .0190352    .5600124
        br_8 |   .3566891   .1218571     2.93   0.003     .1178536    .5955247
        br_9 |    .983659   .1249683     7.87   0.000     .7387256    1.228592
       br_10 |   .8885983   .0907348     9.79   0.000     .7107614    1.066435
       br_11 |   1.383205   .2167299     6.38   0.000     .9584227    1.807988
       br_12 |     .53474   .1074417     4.98   0.000      .324158    .7453219
       br_13 |   .6653827    .117277     5.67   0.000     .4355239    .8952415
       br_14 |  -.1599318   .1097215    -1.46   0.145    -.3749819    .0551184
       br_15 |  -.4100149   .1972542    -2.08   0.038    -.7966261   -.0234038
       _cons |   -.647199   .2366211    -2.74   0.006    -1.110968   -.1834302
-------------+----------------------------------------------------------------
/atanhrho_12 |   .0612619   .3143351     0.19   0.845    -.5548236    .6773473
-------------+----------------------------------------------------------------
      rho_12 |   .0611853   .3131583                     -.5041266    .5897921
------------------------------------------------------------------------------

. 
.     
.         mfx, force predict(pr equation(con)) nonlinear

Marginal effects after cmp
      y  =  (predict, pr equation(con))
         =  .43500202
------------------------------------------------------------------------------
variable |      dy/dx    Std. Err.     z    P>|z|  [    95% C.I.   ]      X
---------+--------------------------------------------------------------------
    b1m0*|   .2634652      .05239    5.03   0.000   .160784  .366146   .039303
    b1m1*|   .0848072      .03581    2.37   0.018   .014619  .154995   .179903
    b1m2*|   .1138983      .05792    1.97   0.049   .000383  .227413   .110211
    b0m0*|   .0424542      .05995    0.71   0.479  -.075054  .159963   .070908
    b0m1*|  -.0219305      .03111   -0.71   0.481  -.082899  .039038   .429903
  lnsize |   .0300493       .0119    2.52   0.012    .00672  .053378    3.9526
   lnage |   .0107481      .01668    0.64   0.519  -.021942  .043438   2.81865
   lnplc |   -.020817      .01839   -1.13   0.258  -.056851  .015217   2.47066
    east*|  -.0264847      .02585   -1.02   0.306  -.077154  .024185   .306726
 finance*|  -.0512966      .03029   -1.69   0.090  -.110657  .008064   .156807
      RD*|   .0478613      .04602    1.04   0.298  -.042335  .138058   .062399
 kaufman*|  -.0257858      .05066   -0.51   0.611  -.125069  .073497   .076175
   other*|  -.0038555      .04537   -0.08   0.932  -.092778  .085067   .063209
    comp |   .0000294      .00015    0.19   0.848   -.00027  .000329   43.6851
  famcom*|   .0491889      .02284    2.15   0.031   .004421  .093957   .665721
   group*|  -.0338277      .03583   -0.94   0.345  -.104045  .036389   .330632
  kapint |    -.12825      .06168   -2.08   0.038  -.249133 -.007367   .088745
  rating |  -.0226534      .02027   -1.12   0.264  -.062389  .017082   2.27288
    br_2*|  -.0045171      .14792   -0.03   0.976  -.294437  .285402   .069692
    br_3*|   .0845986      .16847    0.50   0.616  -.245603    .4148   .045786
    br_4*|   .0113072      .14883    0.08   0.939  -.280396   .30301   .101297
    br_5*|   .0757936      .16714    0.45   0.650  -.251799  .403386    .06564
    br_6*|   .1317182      .15695    0.84   0.401  -.175894  .439331   .057942
    br_7*|   .2230175      .14173    1.57   0.116  -.054775   .50081   .047812
    br_8*|   .1345978      .14694    0.92   0.360  -.153403  .422599   .126418
    br_9*|    .111353      .16885    0.66   0.510  -.219595  .442301   .107374
   br_10*|   .1858224      .16361    1.14   0.256  -.134839  .506484   .075365
   br_11*|   .1540357      .16812    0.92   0.360  -.175469   .48354   .078201
   br_12*|   .1736582      .15926    1.09   0.276  -.138479  .485796   .040519
   br_13*|   .1167172      .15302    0.76   0.446  -.183198  .416632   .049028
   br_14*|   .1061346      .15819    0.67   0.502  -.203915  .416184   .057536
   br_15*|   .0050014      .15289    0.03   0.974  -.294657   .30466   .045786
  divers |          0           0       .       .         0        0   1.97041
 L1exint |          0           0       .       .         0        0   18.6205
------------------------------------------------------------------------------
(*) dy/dx is for discrete change of dummy variable from 0 to 1

.         mfx, force predict(pr equation(inno)) nonlinear

Marginal effects after cmp
      y  =  (predict, pr equation(inno))
         =  .72575869
------------------------------------------------------------------------------
variable |      dy/dx    Std. Err.     z    P>|z|  [    95% C.I.   ]      X
---------+--------------------------------------------------------------------
    b1m0*|          0           0       .       .         0        0   .039303
    b1m1*|          0           0       .       .         0        0   .179903
    b1m2*|          0           0       .       .         0        0   .110211
    b0m0*|          0           0       .       .         0        0   .070908
    b0m1*|          0           0       .       .         0        0   .429903
  lnsize |   .0482833      .00713    6.77   0.000   .034311  .062255    3.9526
   lnage |  -.0416861      .01235   -3.38   0.001  -.065893 -.017479   2.81865
   lnplc |   .0047268      .00976    0.48   0.628  -.014396  .023849   2.47066
    east*|  -.0279846      .01772   -1.58   0.114  -.062709   .00674   .306726
 finance*|          0           0       .       .         0        0   .156807
      RD*|          0           0       .       .         0        0   .062399
 kaufman*|          0           0       .       .         0        0   .076175
   other*|          0           0       .       .         0        0   .063209
    comp |   .0004066      .00016    2.60   0.009   .000101  .000713   43.6851
  famcom*|    .015417      .02671    0.58   0.564   -.03693  .067764   .665721
   group*|   .0592795      .02153    2.75   0.006   .017086  .101473   .330632
  kapint |  -.0195436      .02831   -0.69   0.490  -.075034  .035947   .088745
  rating |          0           0       .       .         0        0   2.27288
    br_2*|   .1271212      .02912    4.37   0.000   .070042  .184201   .069692
    br_3*|   .1732144      .03754    4.61   0.000   .099641  .246788   .045786
    br_4*|   .1628198      .03098    5.26   0.000   .102109   .22353   .101297
    br_5*|   .2390943      .01633   14.64   0.000   .207085  .271104    .06564
    br_6*|   .1483218      .02834    5.23   0.000   .092767  .203876   .057942
    br_7*|   .0882809      .03796    2.33   0.020   .013871  .162691   .047812
    br_8*|   .1084856      .03358    3.23   0.001   .042661   .17431   .126418
    br_9*|   .2408124      .02117   11.38   0.000   .199327  .282297   .107374
   br_10*|    .219432      .01677   13.09   0.000   .186572  .252292   .075365
   br_11*|   .2810152      .01829   15.36   0.000    .24516   .31687   .078201
   br_12*|   .1486768      .02454    6.06   0.000   .100572  .196782   .040519
   br_13*|   .1763908      .02347    7.51   0.000   .130383  .222398   .049028
   br_14*|  -.0554221      .03934   -1.41   0.159  -.132525  .021681   .057536
   br_15*|  -.1492834      .07674   -1.95   0.052  -.299682  .001115   .045786
  divers |   .0234624      .01353    1.73   0.083  -.003053  .049977   1.97041
 L1exint |   .0028022      .00055    5.06   0.000   .001717  .003887   18.6205
------------------------------------------------------------------------------
(*) dy/dx is for discrete change of dummy variable from 0 to 1

.     
.     ** Test H1: (1) beta1 (b1m0) > beta4 (b0m0); (2) beta2 (b1m1) > beta5 (b0m1); (3) beta3 (b1m2) > 0
.     ** compare pairwise hypotheses with adjusted significance level alpha/3 (Bonferroni)
.     sca bonfi10=0.1/3

.     sca bonfi5=0.05/3

.     sca bonfi1=0.01/3

.     sca di bonfi10 bonfi5 bonfi1
   bonfi10 =  .03333333
    bonfi5 =  .01666667
    bonfi1 =  .00333333

. 
.     sca sidak10=1-(1-0.1)^(1/3)

.     sca sidak5=1-(1-0.05)^(1/3)

.     sca sidak1=1-(1-0.01)^(1/3)

.     sca di sidak10 sidak5 sidak1
   sidak10 =  .03451062
    sidak5 =  .01695243
    sidak1 =  .00334451

. 
.     ** figures " 1 4" just indicate which coefficients are tested, no other meaning
.     uetest  b0m0 b1m0  1 4  

 ( 1)  - [con]b1m0 + [con]b0m0 = 0

           chi2(  1) =    7.36
         Prob > chi2 =    0.0067

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0033434           0   .0033434   .0033434

.     uetest  b0m1 b1m1  2 5

 ( 1)  - [con]b1m1 + [con]b0m1 = 0

           chi2(  1) =    8.66
         Prob > chi2 =    0.0032

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0016239           0   .0016239   .0016239

.     * two-sided test => one-sided test: pvalue/2 
.     test b1m2=0

 ( 1)  [con]b1m2 = 0

           chi2(  1) =    3.87
         Prob > chi2 =    0.0491

.     
.           
.     ** Test H2a: (1) beta1 (b1m0) > beta2 (b1m1); (2) beta1 (b1m0) > beta3 (b1m2); (3) beta2 (b1m1) > beta3 (b1m2)
.     uetest  b1m1 b1m0 1 2  

 ( 1)  - [con]b1m0 + [con]b1m1 = 0

           chi2(  1) =    9.92
         Prob > chi2 =    0.0016

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468     .000819           0    .000819    .000819

.     uetest  b1m2 b1m0 1 3

 ( 1)  - [con]b1m0 + [con]b1m2 = 0

           chi2(  1) =    7.27
         Prob > chi2 =    0.0070

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0035096           0   .0035096   .0035096

.     uetest  b1m2 b1m1 2 3

 ( 1)  - [con]b1m1 + [con]b1m2 = 0

           chi2(  1) =    0.37
         Prob > chi2 =    0.5430

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .7284966           0   .7284966   .7284966

.     
.     testparm br_*

 ( 1)  [con]br_2 = 0
 ( 2)  [inno]br_2 = 0
 ( 3)  [con]br_3 = 0
 ( 4)  [inno]br_3 = 0
 ( 5)  [con]br_4 = 0
 ( 6)  [inno]br_4 = 0
 ( 7)  [con]br_5 = 0
 ( 8)  [inno]br_5 = 0
 ( 9)  [con]br_6 = 0
 (10)  [inno]br_6 = 0
 (11)  [con]br_7 = 0
 (12)  [inno]br_7 = 0
 (13)  [con]br_8 = 0
 (14)  [inno]br_8 = 0
 (15)  [con]br_9 = 0
 (16)  [inno]br_9 = 0
 (17)  [con]br_10 = 0
 (18)  [inno]br_10 = 0
 (19)  [con]br_11 = 0
 (20)  [inno]br_11 = 0
 (21)  [con]br_12 = 0
 (22)  [inno]br_12 = 0
 (23)  [con]br_13 = 0
 (24)  [inno]br_13 = 0
 (25)  [con]br_14 = 0
 (26)  [inno]br_14 = 0
 (27)  [con]br_15 = 0
 (28)  [inno]br_15 = 0

           chi2( 28) =71401.80
         Prob > chi2 =    0.0000

.     test [con] famcom [con] group [con] kapint [con] rating

 ( 1)  [con]famcom = 0
 ( 2)  [con]group = 0
 ( 3)  [con]kapint = 0
 ( 4)  [con]rating = 0

           chi2(  4) =   11.21
         Prob > chi2 =    0.0243

.          
.     ** for robustness: reduced estimation sample, without imputed values for lagged export intensity (not reported)
.         cmp (con = $BM lnsize lnage lnplc east $respond comp famcom group kapint rating $id) /*
>             */ (inno = lnsize lnage lnplc east comp group kapint famcom divers l1exint $id), ind(inno*4 4) qui rob cluster(cls)

Fitting individual models as starting point for full model fit.

Fitting full model.

Mixed-process regression                          Number of obs   =       2426
                                                  Wald chi2(2)    =    4924.55
Log pseudolikelihood = -2324.1253                 Prob > chi2     =     0.0000

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
             |               Robust
             |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
con          |
        b1m0 |   .6804036   .1490607     4.56   0.000     .3882501    .9725572
        b1m1 |   .2150955   .0891285     2.41   0.016     .0404069    .3897841
        b1m2 |   .2852118   .1444302     1.97   0.048     .0021338    .5682897
        b0m0 |     .10698   .1483259     0.72   0.471    -.1837334    .3976934
        b0m1 |  -.0541897    .077904    -0.70   0.487    -.2068788    .0984993
      lnsize |   .0897949   .0275665     3.26   0.001     .0357655    .1438243
       lnage |   .0155252   .0389284     0.40   0.690     -.060773    .0918234
       lnplc |  -.0516837   .0460409    -1.12   0.262    -.1419223    .0385549
        east |  -.0815503   .0623226    -1.31   0.191    -.2037004    .0405998
     finance |  -.1308204   .0758562    -1.72   0.085    -.2794958     .017855
          RD |   .1177085       .114     1.03   0.302    -.1057273    .3411443
     kaufman |  -.0655874   .1291463    -0.51   0.612    -.3187095    .1875346
       other |  -.0113726   .1128421    -0.10   0.920    -.2325391    .2097939
        comp |   .0001545   .0003643     0.42   0.671    -.0005595    .0008685
      famcom |   .1291752   .0580992     2.22   0.026      .015303    .2430475
       group |  -.0631019   .0990845    -0.64   0.524     -.257304    .1311001
      kapint |   -.330964   .1468758    -2.25   0.024    -.6188352   -.0430928
      rating |  -.0586051   .0506398    -1.16   0.247    -.1578574    .0406471
        br_2 |   .0468948   .3750053     0.13   0.900    -.6881021    .7818917
        br_3 |   .2985809   .4189128     0.71   0.476    -.5224732    1.119635
        br_4 |   .0984816   .3753118     0.26   0.793    -.6371161    .8340792
        br_5 |   .3127128   .3976944     0.79   0.432    -.4667538    1.092179
        br_6 |   .4024962   .3898962     1.03   0.302    -.3616862    1.166679
        br_7 |   .6014173   .3724422     1.61   0.106    -.1285561    1.331391
        br_8 |   .3900026   .3713368     1.05   0.294    -.3378042    1.117809
        br_9 |   .3954231   .3933592     1.01   0.315    -.3755468    1.166393
       br_10 |   .5740975   .4013646     1.43   0.153    -.2125626    1.360758
       br_11 |    .525255   .4011387     1.31   0.190    -.2609624    1.311472
       br_12 |    .508815   .4019668     1.27   0.206    -.2790255    1.296656
       br_13 |   .3808672   .3806529     1.00   0.317    -.3651988    1.126933
       br_14 |   .2368509   .3991025     0.59   0.553    -.5453755    1.019077
       br_15 |  -.0730658   .4034222    -0.18   0.856    -.8637588    .7176273
       _cons |  -.8104464   .5323859    -1.52   0.128    -1.853904    .2330108
-------------+----------------------------------------------------------------
inno         |
      lnsize |   .1434179   .0217779     6.59   0.000      .100734    .1861018
       lnage |  -.1252166   .0373153    -3.36   0.001    -.1983532     -.05208
       lnplc |   .0148363   .0311843     0.48   0.634    -.0462839    .0759565
        east |  -.0821821   .0560661    -1.47   0.143    -.1920696    .0277053
        comp |    .001046    .000462     2.26   0.024     .0001404    .0019515
       group |   .1863858   .0688437     2.71   0.007     .0514546    .3213169
      kapint |  -.0491771   .0827141    -0.59   0.552    -.2112937    .1129396
      famcom |   .0443286   .0818415     0.54   0.588    -.1160778    .2047349
      divers |   .0659531   .0388444     1.70   0.090    -.0101805    .1420867
     l1exint |   .0085406   .0016461     5.19   0.000     .0053143    .0117668
        br_2 |   .3902056   .1298618     3.00   0.003     .1356811    .6447301
        br_3 |   .6091434   .2060575     2.96   0.003     .2052782    1.013009
        br_4 |   .5396494   .1536241     3.51   0.000     .2385517     .840747
        br_5 |   1.024365   .1286809     7.96   0.000     .7721549    1.276575
        br_6 |   .4710702   .1338627     3.52   0.000     .2087042    .7334361
        br_7 |   .2287225   .1527907     1.50   0.134    -.0707418    .5281868
        br_8 |   .3267926   .1356649     2.41   0.016     .0608943    .5926908
        br_9 |   .9591674   .1392279     6.89   0.000     .6862857    1.232049
       br_10 |   .8618806   .1036285     8.32   0.000     .6587726    1.064989
       br_11 |   1.334492   .2231964     5.98   0.000     .8970347    1.771949
       br_12 |   .4704388   .1232841     3.82   0.000     .2288064    .7120712
       br_13 |   .6591506   .1330665     4.95   0.000     .3983451    .9199561
       br_14 |   -.183467   .1140659    -1.61   0.108     -.407032    .0400981
       br_15 |  -.4339764   .2031208    -2.14   0.033    -.8320859    -.035867
       _cons |  -.5936432   .2485481    -2.39   0.017    -1.080789   -.1064978
-------------+----------------------------------------------------------------
/atanhrho_12 |   .2901049   .2306725     1.26   0.209    -.1620048    .7422146
-------------+----------------------------------------------------------------
      rho_12 |   .2822313   .2122983                     -.1606022    .6304813
------------------------------------------------------------------------------

.     
.         mfx, force predict(pr equation(con)) nonlinear

Marginal effects after cmp
      y  =  (predict, pr equation(con))
         =  .39557896
------------------------------------------------------------------------------
variable |      dy/dx    Std. Err.     z    P>|z|  [    95% C.I.   ]      X
---------+--------------------------------------------------------------------
    b1m0*|   .2659806      .05481    4.85   0.000   .158559  .373402   .037923
    b1m1*|   .0840238      .03481    2.41   0.016   .015791  .152256    .17972
    b1m2*|   .1120738      .05743    1.95   0.051  -.000496  .224643   .110882
    b0m0*|   .0416487      .05834    0.71   0.475    -.0727  .155997   .071723
    b0m1*|  -.0208499      .02985   -0.70   0.485   -.07935   .03765   .428689
  lnsize |   .0345887       .0101    3.42   0.001   .014795  .054382   3.97029
   lnage |   .0059803      .01501    0.40   0.690  -.023432  .035393   2.82055
   lnplc |  -.0199084      .01801   -1.11   0.269  -.055209  .015393   2.46446
    east*|  -.0312711      .02378   -1.31   0.189  -.077884  .015342   .307914
 finance*|  -.0497144      .02863   -1.74   0.082  -.105823  .006394   .157049
      RD*|   .0458762      .04495    1.02   0.307  -.042231  .133983   .063479
 kaufman*|  -.0250652      .04882   -0.51   0.608   -.12076   .07063   .076669
   other*|  -.0043749      .04337   -0.10   0.920  -.089369   .08062   .063479
    comp |   .0000595      .00014    0.42   0.672  -.000216  .000335   44.0446
  famcom*|   .0494346      .02205    2.24   0.025    .00621  .092659   .665293
   group*|  -.0242332      .03815   -0.64   0.525     -.099  .050533    .33141
  kapint |  -.1274864      .05636   -2.26   0.024  -.237945 -.017027   .088445
  rating |  -.0225745      .01961   -1.15   0.250  -.061004  .015855   2.26858
    br_2*|   .0181553      .14574    0.12   0.901  -.267494  .303804   .069662
    br_3*|   .1176968      .16646    0.71   0.480   -.20856  .443954   .045754
    br_4*|   .0382877      .14678    0.26   0.794  -.249399  .325974   .100577
    br_5*|   .1232255      .15746    0.78   0.434  -.185393  .431845   .065952
    br_6*|   .1589017      .15377    1.03   0.301  -.142474  .460277    .05812
    br_7*|   .2363579      .14196    1.66   0.096  -.041884    .5146   .048228
    br_8*|   .1535339      .14637    1.05   0.294  -.133351  .440419   .125721
    br_9*|   .1557995      .15508    1.00   0.315   -.14815  .459749   .107997
   br_10*|    .225874      .15404    1.47   0.143  -.076034  .527782   .076257
   br_11*|   .2069667      .15553    1.33   0.183  -.097869  .511803   .079555
   br_12*|   .2007239      .15611    1.29   0.199  -.105254  .506701   .040808
   br_13*|   .1503881      .15033    1.00   0.317   -.14426  .445037    .04864
   br_14*|   .0930796      .15871    0.59   0.558   -.21798   .40414   .056472
   br_15*|  -.0278772      .15229   -0.18   0.855  -.326365  .270611   .045342
  divers |          0           0       .       .         0        0   1.98082
 l1exint |          0           0       .       .         0        0   18.7065
------------------------------------------------------------------------------
(*) dy/dx is for discrete change of dummy variable from 0 to 1

.         mfx, force predict(pr equation(inno)) nonlinear

Marginal effects after cmp
      y  =  (predict, pr equation(inno))
         =  .72917295
------------------------------------------------------------------------------
variable |      dy/dx    Std. Err.     z    P>|z|  [    95% C.I.   ]      X
---------+--------------------------------------------------------------------
    b1m0*|          0           0       .       .         0        0   .037923
    b1m1*|          0           0       .       .         0        0    .17972
    b1m2*|          0           0       .       .         0        0   .110882
    b0m0*|          0           0       .       .         0        0   .071723
    b0m1*|          0           0       .       .         0        0   .428689
  lnsize |    .047493      .00705    6.73   0.000   .033672  .061314   3.97029
   lnage |  -.0414656      .01242   -3.34   0.001  -.065816 -.017115   2.82055
   lnplc |   .0049131      .01034    0.48   0.635   -.01535  .025177   2.46446
    east*|  -.0274698       .0191   -1.44   0.150  -.064905  .009965   .307914
 finance*|          0           0       .       .         0        0   .157049
      RD*|          0           0       .       .         0        0   .063479
 kaufman*|          0           0       .       .         0        0   .076669
   other*|          0           0       .       .         0        0   .063479
    comp |   .0003464      .00015    2.27   0.023   .000048  .000645   44.0446
  famcom*|   .0147441      .02734    0.54   0.590  -.038839  .068327   .665293
   group*|   .0604681      .02174    2.78   0.005   .017865  .103071    .33141
  kapint |  -.0162851      .02739   -0.59   0.552  -.069977  .037407   .088445
  rating |          0           0       .       .         0        0   2.26858
    br_2*|   .1147095      .03332    3.44   0.001   .049403  .180016   .069662
    br_3*|   .1634225      .04125    3.96   0.000   .082581  .244264   .045754
    br_4*|   .1524847       .0353    4.32   0.000   .083294  .221676   .100577
    br_5*|    .235106      .01863   12.62   0.000   .198593  .271619   .065952
    br_6*|   .1340283      .03188    4.20   0.000   .071544  .196513    .05812
    br_7*|   .0706584      .04364    1.62   0.105  -.014866  .156183   .048228
    br_8*|   .0994798      .03765    2.64   0.008   .025691  .173269   .125721
    br_9*|   .2348347      .02356    9.97   0.000   .188661  .281009   .107997
   br_10*|   .2132258      .01892   11.27   0.000   .176138  .250314   .076257
   br_11*|   .2740945       .0199   13.78   0.000   .235098  .313091   .079555
   br_12*|   .1330024      .02927    4.54   0.000   .075628  .190377   .040808
   br_13*|   .1735781      .02638    6.58   0.000   .121878  .225278    .04864
   br_14*|  -.0635735      .04106   -1.55   0.122  -.144048  .016901   .056472
   br_15*|  -.1579492      .07917   -1.99   0.046  -.313129 -.002769   .045342
  divers |   .0218404      .01269    1.72   0.085  -.003029   .04671   1.98082
 l1exint |   .0028282      .00054    5.20   0.000   .001762  .003894   18.7065
------------------------------------------------------------------------------
(*) dy/dx is for discrete change of dummy variable from 0 to 1

.     
.     ** Test H1: (1) beta1 (b1m0) > beta4 (b0m0); (2) beta2 (b1m1) > beta5 (b0m1); (3) beta3 (b1m2) > 0
.     ** compare pairwise hypotheses with adjusted significance level alpha/3 (Bonferroni)
.     sca bonfi10=0.1/3

.     sca bonfi5=0.05/3

.     sca bonfi1=0.01/3

.     sca di bonfi10 bonfi5 bonfi1
   bonfi10 =  .03333333
    bonfi5 =  .01666667
    bonfi1 =  .00333333

. 
.     sca sidak10=1-(1-0.1)^(1/3)

.     sca sidak5=1-(1-0.05)^(1/3)

.     sca sidak1=1-(1-0.01)^(1/3)

.     sca di sidak10 sidak5 sidak1
   sidak10 =  .03451062
    sidak5 =  .01695243
    sidak1 =  .00334451

. 
.     ** figures " 1 4" just indicate which coefficients are tested, no other meaning
.     uetest  b0m0 b1m0  1 4  

 ( 1)  - [con]b1m0 + [con]b0m0 = 0

           chi2(  1) =    7.37
         Prob > chi2 =    0.0066

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0033209           0   .0033209   .0033209

.     uetest  b0m1 b1m1  2 5

 ( 1)  - [con]b1m1 + [con]b0m1 = 0

           chi2(  1) =    9.15
         Prob > chi2 =    0.0025

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468     .001247           0    .001247    .001247

.     * two-sided test => one-sided test: pvalue/2 
.     test b1m2=0

 ( 1)  [con]b1m2 = 0

           chi2(  1) =    3.90
         Prob > chi2 =    0.0483

.     
.           
.     ** Test H2a: (1) beta1 (b1m0) > beta2 (b1m1); (2) beta1 (b1m0) > beta3 (b1m2); (3) beta2 (b1m1) > beta3 (b1m2)
.     uetest  b1m1 b1m0 1 2  

 ( 1)  - [con]b1m0 + [con]b1m1 = 0

           chi2(  1) =    9.75
         Prob > chi2 =    0.0018

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0008956           0   .0008956   .0008956

.     uetest  b1m2 b1m0 1 3

 ( 1)  - [con]b1m0 + [con]b1m2 = 0

           chi2(  1) =    7.51
         Prob > chi2 =    0.0061

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0030667           0   .0030667   .0030667

.     uetest  b1m2 b1m1 2 3

 ( 1)  - [con]b1m1 + [con]b1m2 = 0

           chi2(  1) =    0.34
         Prob > chi2 =    0.5590

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .7205235           0   .7205235   .7205235

.     
.     testparm br_*

 ( 1)  [con]br_2 = 0
 ( 2)  [inno]br_2 = 0
 ( 3)  [con]br_3 = 0
 ( 4)  [inno]br_3 = 0
 ( 5)  [con]br_4 = 0
 ( 6)  [inno]br_4 = 0
 ( 7)  [con]br_5 = 0
 ( 8)  [inno]br_5 = 0
 ( 9)  [con]br_6 = 0
 (10)  [inno]br_6 = 0
 (11)  [con]br_7 = 0
 (12)  [inno]br_7 = 0
 (13)  [con]br_8 = 0
 (14)  [inno]br_8 = 0
 (15)  [con]br_9 = 0
 (16)  [inno]br_9 = 0
 (17)  [con]br_10 = 0
 (18)  [inno]br_10 = 0
 (19)  [con]br_11 = 0
 (20)  [inno]br_11 = 0
 (21)  [con]br_12 = 0
 (22)  [inno]br_12 = 0
 (23)  [con]br_13 = 0
 (24)  [inno]br_13 = 0
 (25)  [con]br_14 = 0
 (26)  [inno]br_14 = 0
 (27)  [con]br_15 = 0
 (28)  [inno]br_15 = 0

           chi2( 28) =33136.78
         Prob > chi2 =    0.0000

.     test [con] famcom [con] group [con] kapint [con] rating

 ( 1)  [con]famcom = 0
 ( 2)  [con]group = 0
 ( 3)  [con]kapint = 0
 ( 4)  [con]rating = 0

           chi2(  4) =   12.07
         Prob > chi2 =    0.0168

.     
.     
. ** for degree of constraint (TYPE)
. 
.     set seed 123456789

. 
.     cmp (type = $BM lnsize lnage lnplc east $respond comp famcom group kapint rating $id) /*
>         */ (inno = lnsize lnage lnplc east comp group kapint famcom divers l1exint $id), ind(inno*5 4) qui rob cluster(cls)

Fitting individual models as starting point for full model fit.

Fitting full model.

Mixed-process regression                          Number of obs   =       2426
                                                  Wald chi2(1)    =   17813.45
Log pseudolikelihood = -2490.6403                 Prob > chi2     =     0.0000

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
             |               Robust
             |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
type         |
        b1m0 |   .6719684   .1405864     4.78   0.000     .3964241    .9475128
        b1m1 |   .2557113   .0790979     3.23   0.001     .1006824    .4107403
        b1m2 |   .3632039   .1276681     2.84   0.004      .112979    .6134287
        b0m0 |    .081136   .1334694     0.61   0.543    -.1804592    .3427311
        b0m1 |  -.0283112   .0632422    -0.45   0.654    -.1522636    .0956411
      lnsize |   .0641592   .0216399     2.96   0.003     .0217457    .1065727
       lnage |   .0331003   .0429866     0.77   0.441    -.0511519    .1173525
       lnplc |  -.0515521   .0407879    -1.26   0.206     -.131495    .0283907
        east |  -.1132123   .0627893    -1.80   0.071    -.2362772    .0098525
     finance |  -.1696345   .0714756    -2.37   0.018    -.3097241   -.0295448
          RD |   .0885406   .0905306     0.98   0.328     -.088896    .2659772
     kaufman |  -.0655489    .113282    -0.58   0.563    -.2875776    .1564797
       other |   .0372568   .1113954     0.33   0.738    -.1810742    .2555879
        comp |   .0001498   .0003114     0.48   0.631    -.0004605      .00076
      famcom |   .1035872   .0547288     1.89   0.058    -.0036793    .2108536
       group |   .0155068   .0805866     0.19   0.847      -.14244    .1734536
      kapint |  -.3657985   .1449106    -2.52   0.012     -.649818    -.081779
      rating |  -.0344743    .049803    -0.69   0.489    -.1320865    .0631378
        br_2 |   .0780981    .360819     0.22   0.829    -.6290942    .7852904
        br_3 |    .313813    .413767     0.76   0.448    -.4971554    1.124781
        br_4 |   .1134886   .3604886     0.31   0.753    -.5930562    .8200333
        br_5 |   .3841351    .381885     1.01   0.314    -.3643457    1.132616
        br_6 |   .4504893   .3745913     1.20   0.229    -.2836961    1.184675
        br_7 |     .53188   .3605066     1.48   0.140    -.1746999     1.23846
        br_8 |   .3852803   .3582006     1.08   0.282    -.3167799    1.087341
        br_9 |   .4433386   .3783663     1.17   0.241    -.2982457    1.184923
       br_10 |   .5874769   .3881054     1.51   0.130    -.1731957     1.34815
       br_11 |   .5245503   .3872265     1.35   0.176    -.2343998      1.2835
       br_12 |   .5217365   .3841808     1.36   0.174     -.231244    1.274717
       br_13 |   .4100746   .3633632     1.13   0.259    -.3021042    1.122253
       br_14 |   .2803432   .3778928     0.74   0.458    -.4603131    1.020999
       br_15 |  -.1024861   .3827783    -0.27   0.789    -.8527179    .6477456
-------------+----------------------------------------------------------------
inno         |
      lnsize |   .1423718   .0225995     6.30   0.000     .0980777    .1866659
       lnage |  -.1245574   .0372877    -3.34   0.001    -.1976399   -.0514749
       lnplc |   .0147107   .0312652     0.47   0.638     -.046568    .0759894
        east |  -.0834538   .0566486    -1.47   0.141    -.1944829    .0275753
        comp |   .0010521   .0004606     2.28   0.022     .0001493     .001955
       group |   .1891812   .0690456     2.74   0.006     .0538542    .3245081
      kapint |  -.0492611   .0825147    -0.60   0.551     -.210987    .1124647
      famcom |    .041957   .0815818     0.51   0.607    -.1179404    .2018544
      divers |   .0656446    .038645     1.70   0.089    -.0100983    .1413875
     l1exint |   .0085252   .0016644     5.12   0.000     .0052631    .0117873
        br_2 |   .3924568   .1301923     3.01   0.003     .1372846    .6476291
        br_3 |   .6097408   .2058379     2.96   0.003      .206306    1.013176
        br_4 |   .5409609   .1539526     3.51   0.000     .2392194    .8427025
        br_5 |   1.024653    .129425     7.92   0.000     .7709849    1.278322
        br_6 |   .4721619   .1341406     3.52   0.000      .209251    .7350727
        br_7 |   .2270679   .1524993     1.49   0.136    -.0718253    .5259611
        br_8 |   .3264862   .1355728     2.41   0.016     .0607684     .592204
        br_9 |   .9614502   .1400325     6.87   0.000     .6869915    1.235909
       br_10 |   .8594851   .1035681     8.30   0.000     .6564954    1.062475
       br_11 |    1.33452   .2246656     5.94   0.000     .8941833    1.774856
       br_12 |   .4713905   .1233386     3.82   0.000     .2296514    .7131296
       br_13 |    .661963   .1334127     4.96   0.000     .4004789    .9234471
       br_14 |  -.1853847   .1136118    -1.63   0.103    -.4080597    .0372903
       br_15 |  -.4336819    .202869    -2.14   0.033     -.831298   -.0360659
       _cons |  -.5900262   .2493866    -2.37   0.018    -1.078815   -.1012374
-------------+----------------------------------------------------------------
/atanhrho_12 |   .2824209   .2169834     1.30   0.193    -.1428588    .7077005
    /cut_1_1 |   .8460329   .4645243     1.82   0.069     -.064418    1.756484
    /cut_1_2 |   2.776579   .4557104     6.09   0.000     1.883403    3.669755
-------------+----------------------------------------------------------------
      rho_12 |   .2751442   .2005568                     -.1418948    .6092329
------------------------------------------------------------------------------

.     
.     ** Test H1: (1) beta1 (b1m0) > beta4 (b0m0); (2) beta2 (b1m1) > beta5 (b0m1); (3) beta3 (b1m2) > 0
.     ** compare pairwise hypotheses with adjusted significance level alpha/3 (Bonferroni)
.     sca bonfi10=0.1/3

.     sca bonfi5=0.05/3

.     sca bonfi1=0.01/3

.     sca di bonfi10 bonfi5 bonfi1
   bonfi10 =  .03333333
    bonfi5 =  .01666667
    bonfi1 =  .00333333

. 
.     sca sidak10=1-(1-0.1)^(1/3)

.     sca sidak5=1-(1-0.05)^(1/3)

.     sca sidak1=1-(1-0.01)^(1/3)

.     sca di sidak10 sidak5 sidak1
   sidak10 =  .03451062
    sidak5 =  .01695243
    sidak1 =  .00334451

. 
.     ** figures " 1 4" just indicate which coefficients are tested, no other meaning
.     uetest  b0m0 b1m0  1 4  

 ( 1)  - [type]b1m0 + [type]b0m0 = 0

           chi2(  1) =    9.93
         Prob > chi2 =    0.0016

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0008136           0   .0008136   .0008136

.     uetest  b0m1 b1m1  2 5

 ( 1)  - [type]b1m1 + [type]b0m1 = 0

           chi2(  1) =   12.75
         Prob > chi2 =    0.0004

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0001779           0   .0001779   .0001779

.     * two-sided test => one-sided test: pvalue/2 
.     test b1m2=0

 ( 1)  [type]b1m2 = 0

           chi2(  1) =    8.09
         Prob > chi2 =    0.0044

.     
.           
.     ** Test H2a: (1) beta1 (b1m0) > beta2 (b1m1); (2) beta1 (b1m0) > beta3 (b1m2); (3) beta2 (b1m1) > beta3 (b1m2)
.     uetest  b1m1 b1m0 1 2  

 ( 1)  - [type]b1m0 + [type]b1m1 = 0

           chi2(  1) =    7.84
         Prob > chi2 =    0.0051

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0025545           0   .0025545   .0025545

.     uetest  b1m2 b1m0 1 3

 ( 1)  - [type]b1m0 + [type]b1m2 = 0

           chi2(  1) =    4.32
         Prob > chi2 =    0.0378

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0188753           0   .0188753   .0188753

.     uetest  b1m2 b1m1 2 3

 ( 1)  - [type]b1m1 + [type]b1m2 = 0

           chi2(  1) =    1.10
         Prob > chi2 =    0.2945

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .8527653           0   .8527653   .8527653

. 
. 
.     testparm br_*

 ( 1)  [type]br_2 = 0
 ( 2)  [inno]br_2 = 0
 ( 3)  [type]br_3 = 0
 ( 4)  [inno]br_3 = 0
 ( 5)  [type]br_4 = 0
 ( 6)  [inno]br_4 = 0
 ( 7)  [type]br_5 = 0
 ( 8)  [inno]br_5 = 0
 ( 9)  [type]br_6 = 0
 (10)  [inno]br_6 = 0
 (11)  [type]br_7 = 0
 (12)  [inno]br_7 = 0
 (13)  [type]br_8 = 0
 (14)  [inno]br_8 = 0
 (15)  [type]br_9 = 0
 (16)  [inno]br_9 = 0
 (17)  [type]br_10 = 0
 (18)  [inno]br_10 = 0
 (19)  [type]br_11 = 0
 (20)  [inno]br_11 = 0
 (21)  [type]br_12 = 0
 (22)  [inno]br_12 = 0
 (23)  [type]br_13 = 0
 (24)  [inno]br_13 = 0
 (25)  [type]br_14 = 0
 (26)  [inno]br_14 = 0
 (27)  [type]br_15 = 0
 (28)  [inno]br_15 = 0

           chi2( 28) = 6.3e+05
         Prob > chi2 =    0.0000

.     test [type] famcom [type] group [type] kapint [type] rating

 ( 1)  [type]famcom = 0
 ( 2)  [type]group = 0
 ( 3)  [type]kapint = 0
 ( 4)  [type]rating = 0

           chi2(  4) =   10.27
         Prob > chi2 =    0.0362

.      
.     mfx, force predict(pr equation(inno)) nonlinear

Marginal effects after cmp
      y  =  (predict, pr equation(inno))
         =  .72909418
------------------------------------------------------------------------------
variable |      dy/dx    Std. Err.     z    P>|z|  [    95% C.I.   ]      X
---------+--------------------------------------------------------------------
    b1m0*|          0           0       .       .         0        0   .037923
    b1m1*|          0           0       .       .         0        0    .17972
    b1m2*|          0           0       .       .         0        0   .110882
    b0m0*|          0           0       .       .         0        0   .071723
    b0m1*|          0           0       .       .         0        0   .428689
  lnsize |   .0471534      .00733    6.44   0.000   .032792  .061515   3.97029
   lnage |  -.0412533      .01242   -3.32   0.001  -.065589 -.016918   2.82055
   lnplc |   .0048722      .01037    0.47   0.638  -.015447  .025191   2.46446
    east*|  -.0279027       .0193   -1.45   0.148  -.065739  .009934   .307914
 finance*|          0           0       .       .         0        0   .157049
      RD*|          0           0       .       .         0        0   .063479
 kaufman*|          0           0       .       .         0        0   .076669
   other*|          0           0       .       .         0        0   .063479
    comp |   .0003485      .00015    2.29   0.022   .000051  .000646   44.0446
  famcom*|   .0139541      .02724    0.51   0.609  -.039442   .06735   .665293
   group*|   .0613642      .02179    2.82   0.005    .01866  .104069    .33141
  kapint |  -.0163152      .02733   -0.60   0.551  -.069884  .037254   .088445
  rating |          0           0       .       .         0        0   2.26858
    br_2*|   .1153032      .03336    3.46   0.001   .049928  .180678   .069662
    br_3*|   .1635769      .04119    3.97   0.000   .082841  .244313   .045754
    br_4*|   .1528172      .03536    4.32   0.000   .083514   .22212   .100577
    br_5*|   .2351982      .01871   12.57   0.000   .198523  .271874   .065952
    br_6*|   .1343106      .03193    4.21   0.000   .071738  .196883    .05812
    br_7*|   .0701974      .04361    1.61   0.108  -.015286  .155681   .048228
    br_8*|   .0994123      .03764    2.64   0.008   .025636  .173189   .125721
    br_9*|   .2352494      .02365    9.95   0.000   .188898  .281601   .107997
   br_10*|   .2128805      .01895   11.23   0.000   .175743  .250018   .076257
   br_11*|   .2741632      .02002   13.70   0.000   .234934  .313393   .079555
   br_12*|   .1332484      .02928    4.55   0.000    .07587  .190627   .040808
   br_13*|   .1741561      .02637    6.60   0.000   .122465  .225848    .04864
   br_14*|  -.0642735      .04093   -1.57   0.116  -.144499  .015952   .056472
   br_15*|    -.15785      .07907   -2.00   0.046   -.31283  -.00287   .045342
  divers |   .0217414      .01262    1.72   0.085  -.003001  .046484   1.98082
 l1exint |   .0028235      .00055    5.13   0.000   .001745  .003902   18.7065
------------------------------------------------------------------------------
(*) dy/dx is for discrete change of dummy variable from 0 to 1

.     mfx, force predict(pr outcome(0) equation(type)) nonlinear

Marginal effects after cmp
      y  =  (predict, pr outcome(0) equation(type))
         =  .60426273
------------------------------------------------------------------------------
variable |      dy/dx    Std. Err.     z    P>|z|  [    95% C.I.   ]      X
---------+--------------------------------------------------------------------
    b1m0*|  -.2628481      .05171   -5.08   0.000  -.364191 -.161505   .037923
    b1m1*|  -.1000657      .03113   -3.21   0.001  -.161082 -.039049    .17972
    b1m2*|  -.1430296      .05123   -2.79   0.005  -.243434 -.042625   .110882
    b0m0*|   -.031518      .05226   -0.60   0.546  -.133944  .070908   .071723
    b0m1*|   .0109004      .02427    0.45   0.653  -.036672  .058473   .428689
  lnsize |  -.0247166      .00799   -3.09   0.002  -.040378 -.009055   3.97029
   lnage |  -.0127515      .01661   -0.77   0.443  -.045302  .019799   2.82055
   lnplc |   .0198599      .01595    1.25   0.213  -.011399  .051119   2.46446
    east*|   .0433323      .02396    1.81   0.071  -.003628  .090293   .307914
 finance*|   .0641746      .02704    2.37   0.018   .011174  .117175   .157049
      RD*|  -.0344233      .03549   -0.97   0.332  -.103976   .03513   .063479
 kaufman*|   .0250537      .04287    0.58   0.559  -.058978  .109085   .076669
   other*|  -.0144119       .0432   -0.33   0.739  -.099073  .070249   .063479
    comp |  -.0000577      .00012   -0.48   0.631  -.000293  .000178   44.0446
  famcom*|  -.0397034       .0208   -1.91   0.056  -.080461  .001054   .665293
   group*|  -.0059779      .03106   -0.19   0.847  -.066854  .054899    .33141
  kapint |   .1409199      .05501    2.56   0.010   .033108  .248732   .088445
  rating |   .0132809      .01915    0.69   0.488  -.024261  .050822   2.26858
    br_2*|  -.0303305      .14098   -0.22   0.830  -.306649  .245988   .069662
    br_3*|  -.1237668      .16448   -0.75   0.452  -.446146  .198612   .045754
    br_4*|  -.0441794      .14129   -0.31   0.755  -.321093  .232734   .100577
    br_5*|  -.1515949      .15072   -1.01   0.314  -.446991  .143801   .065952
    br_6*|  -.1778375      .14697   -1.21   0.226  -.465896  .110221    .05812
    br_7*|  -.2096551      .13949   -1.50   0.133  -.483055  .063745   .048228
    br_8*|  -.1516732      .14127   -1.07   0.283  -.428558  .125211   .125721
    br_9*|  -.1747217      .14861   -1.18   0.240  -.465983   .11654   .107997
   br_10*|  -.2310154      .14856   -1.56   0.120  -.522189  .060158   .076257
   br_11*|  -.2066964      .15018   -1.38   0.169  -.501035  .087642   .079555
   br_12*|   -.205744      .14884   -1.38   0.167  -.497465  .085977   .040808
   br_13*|  -.1619541      .14318   -1.13   0.258  -.442577  .118669    .04864
   br_14*|  -.1103947       .1503   -0.73   0.463  -.404973  .184184   .056472
   br_15*|   .0389405      .14317    0.27   0.786  -.241677  .319558   .045342
  divers |          0           0       .       .         0        0   1.98082
 l1exint |          0           0       .       .         0        0   18.7065
------------------------------------------------------------------------------
(*) dy/dx is for discrete change of dummy variable from 0 to 1

.     mfx, force predict(pr outcome(1) equation(type)) nonlinear

Marginal effects after cmp
      y  =  (predict, pr outcome(1) equation(type))
         =  .38165341
------------------------------------------------------------------------------
variable |      dy/dx    Std. Err.     z    P>|z|  [    95% C.I.   ]      X
---------+--------------------------------------------------------------------
    b1m0*|   .2152869      .03354    6.42   0.000   .149547  .281027   .037923
    b1m1*|   .0890202      .02726    3.27   0.001   .035582  .142458    .17972
    b1m2*|   .1251287      .04191    2.99   0.003    .04298  .207277   .110882
    b0m0*|   .0283756      .04675    0.61   0.544  -.063258   .12001   .071723
    b0m1*|  -.0098892      .02204   -0.45   0.654   -.05308  .033301   .428689
  lnsize |   .0224152      .00734    3.05   0.002   .008025  .036805   3.97029
   lnage |   .0115642      .01505    0.77   0.442  -.017941   .04107   2.82055
   lnplc |  -.0180107      .01443   -1.25   0.212  -.046297  .010275   2.46446
    east*|  -.0394533      .02178   -1.81   0.070   -.08215  .003243   .307914
 finance*|   -.058802      .02463   -2.39   0.017  -.107084  -.01052   .157049
      RD*|   .0309645      .03186    0.97   0.331  -.031473  .093402   .063479
 kaufman*|  -.0228406      .03924   -0.58   0.561  -.099755  .054073   .076669
   other*|   .0130268      .03888    0.34   0.738  -.063185  .089239   .063479
    comp |   .0000523      .00011    0.48   0.630  -.000161  .000265   44.0446
  famcom*|    .036119      .01909    1.89   0.059  -.001299  .073537   .665293
   group*|   .0054184      .02819    0.19   0.848  -.049832  .060669    .33141
  kapint |  -.1277983      .04971   -2.57   0.010  -.225237  -.03036   .088445
  rating |  -.0120442      .01738   -0.69   0.488   -.04611  .022021   2.26858
    br_2*|   .0273135      .12613    0.22   0.829  -.219905  .274532   .069662
    br_3*|   .1083298      .13795    0.79   0.432  -.162039  .378699   .045754
    br_4*|   .0396784      .12577    0.32   0.752  -.206825  .286182   .100577
    br_5*|   .1316266      .12478    1.05   0.291  -.112939  .376192   .065952
    br_6*|   .1526981      .11804    1.29   0.196  -.078661  .384057    .05812
    br_7*|   .1772072      .10716    1.65   0.098  -.032822  .387237   .048228
    br_8*|    .132532      .11838    1.12   0.263   -.09949  .364554   .125721
    br_9*|   .1512047      .12163    1.24   0.214  -.087195  .389605   .107997
   br_10*|    .194329      .11359    1.71   0.087  -.028297  .416954   .076257
   br_11*|   .1759132       .1186    1.48   0.138  -.056539  .408365   .079555
   br_12*|   .1739963       .1148    1.52   0.130  -.051007     .399   .040808
   br_13*|    .139786      .11675    1.20   0.231  -.089031  .368603    .04864
   br_14*|   .0971437       .1277    0.76   0.447  -.153144  .347432   .056472
   br_15*|  -.0356194      .13203   -0.27   0.787  -.294401  .223162   .045342
  divers |          0           0       .       .         0        0   1.98082
 l1exint |          0           0       .       .         0        0   18.7065
------------------------------------------------------------------------------
(*) dy/dx is for discrete change of dummy variable from 0 to 1

.     mfx, force predict(pr outcome(2) equation(type)) nonlinear

Marginal effects after cmp
      y  =  (predict, pr outcome(2) equation(type))
         =  .01408386
------------------------------------------------------------------------------
variable |      dy/dx    Std. Err.     z    P>|z|  [    95% C.I.   ]      X
---------+--------------------------------------------------------------------
    b1m0*|   .0475612      .02047    2.32   0.020    .00745  .087672   .037923
    b1m1*|   .0110455      .00437    2.53   0.011    .00248  .019611    .17972
    b1m2*|   .0179009      .00984    1.82   0.069  -.001395  .037197   .110882
    b0m0*|   .0031424      .00554    0.57   0.570  -.007712  .013997   .071723
    b0m1*|  -.0010112      .00224   -0.45   0.652  -.005409  .003386   .428689
  lnsize |   .0023015      .00077    2.98   0.003    .00079  .003813   3.97029
   lnage |   .0011873      .00157    0.76   0.449  -.001888  .004263   2.82055
   lnplc |  -.0018492      .00156   -1.19   0.234  -.004897  .001199   2.46446
    east*|  -.0038789      .00229   -1.69   0.090  -.008367   .00061   .307914
 finance*|  -.0053726      .00258   -2.08   0.037  -.010431 -.000314   .157049
      RD*|   .0034588      .00368    0.94   0.347  -.003752   .01067   .063479
 kaufman*|  -.0022131      .00365   -0.61   0.545  -.009376   .00495   .076669
   other*|   .0013851      .00432    0.32   0.748  -.007079  .009849   .063479
    comp |   5.37e-06      .00001    0.47   0.638  -.000017  .000028   44.0446
  famcom*|   .0035844      .00183    1.96   0.050   5.0e-06  .007164   .665293
   group*|   .0005595      .00287    0.19   0.846   -.00507  .006188    .33141
  kapint |  -.0131216      .00583   -2.25   0.024  -.024543   -.0017   .088445
  rating |  -.0012366      .00179   -0.69   0.489   -.00474  .002267   2.26858
    br_2*|    .003017      .01485    0.20   0.839  -.026085  .032119   .069662
    br_3*|    .015437      .02669    0.58   0.563  -.036877  .067751   .045754
    br_4*|   .0045009      .01554    0.29   0.772  -.025948   .03495   .100577
    br_5*|   .0199683      .02617    0.76   0.445  -.031326  .071263   .065952
    br_6*|   .0251394      .02929    0.86   0.391  -.032273  .082552    .05812
    br_7*|   .0324479      .03291    0.99   0.324  -.032049  .096945   .048228
    br_8*|   .0191413      .02315    0.83   0.408  -.026236  .064519   .125721
    br_9*|    .023517      .02731    0.86   0.389  -.030008  .077042   .107997
   br_10*|   .0366864      .03574    1.03   0.305   -.03336  .106733   .076257
   br_11*|   .0307832      .03202    0.96   0.336   -.03198  .093547   .079555
   br_12*|   .0317477      .03455    0.92   0.358  -.035965  .099461   .040808
   br_13*|    .022168      .02673    0.83   0.407  -.030223  .074559    .04864
   br_14*|    .013251      .02273    0.58   0.560  -.031301  .057803   .056472
   br_15*|  -.0033211      .01116   -0.30   0.766  -.025191  .018549   .045342
  divers |          0           0       .       .         0        0   1.98082
 l1exint |          0           0       .       .         0        0   18.7065
------------------------------------------------------------------------------
(*) dy/dx is for discrete change of dummy variable from 0 to 1

. 
. 
. 
. *******************************************
. * TABLE VIII: Tobits on innovation investments by CON
. *******************************************
. 
. estimates clear

.  
.     tobit lniages lpcm2 bonic_2-bonic_5 llnassets llnassets2 lnage comp $id if con == 1, ll

Tobit regression                                  Number of obs   =        887
                                                  LR chi2(23)     =     309.75
                                                  Prob > chi2     =     0.0000
Log likelihood = -2379.5772                       Pseudo R2       =     0.0611

------------------------------------------------------------------------------
     lniages |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       lpcm2 |   .9928857   .3513473     2.83   0.005     .3032916     1.68248
     bonic_2 |  -.1583669   .4394406    -0.36   0.719    -1.020863     .704129
     bonic_3 |  -1.306414   .4697386    -2.78   0.006    -2.228376   -.3844513
     bonic_4 |  -1.055668   .4722244    -2.24   0.026    -1.982509   -.1288271
     bonic_5 |  -.8099193   .4710367    -1.72   0.086    -1.734429    .1145908
   llnassets |    .736593   .0650053    11.33   0.000     .6090062    .8641798
  llnassets2 |   .0474278   .0060712     7.81   0.000     .0355118    .0593439
       lnage |  -.2070848   .1951876    -1.06   0.289    -.5901821    .1760124
        comp |    .004563   .0021448     2.13   0.034     .0003534    .0087727
        br_2 |  -2.629352   1.343583    -1.96   0.051    -5.266421    .0077175
        br_3 |   .3356712   1.377778     0.24   0.808    -2.368511    3.039854
        br_4 |  -.7974481   1.301499    -0.61   0.540    -3.351918    1.757022
        br_5 |   .2264443   1.296287     0.17   0.861    -2.317796    2.770684
        br_6 |  -.0001514   1.332551    -0.00   1.000    -2.615567    2.615265
        br_7 |  -.5197825   1.346117    -0.39   0.699    -3.161824    2.122259
        br_8 |  -.7435437    1.26438    -0.59   0.557     -3.22516    1.738073
        br_9 |   2.003082   1.262915     1.59   0.113    -.4756588    4.481822
       br_10 |   1.442545   1.283664     1.12   0.261    -1.076919    3.962009
       br_11 |   2.235272   1.267362     1.76   0.078    -.2521973    4.722741
       br_12 |   1.123219   1.350228     0.83   0.406    -1.526891    3.773328
       br_13 |   .3376977   1.367874     0.25   0.805    -2.347046    3.022442
       br_14 |  -2.956355   1.518584    -1.95   0.052    -5.936899    .0241898
       br_15 |   -4.16285   1.596538    -2.61   0.009    -7.296397   -1.029303
       _cons |  -2.614891    1.40313    -1.86   0.063    -5.368834    .1390521
-------------+----------------------------------------------------------------
      /sigma |   4.112124   .1077559                       3.90063    4.323618
------------------------------------------------------------------------------
  Obs. summary:         96  left-censored observations at lniages<=-13.815511
                       791     uncensored observations
                         0 right-censored observations

.     sca Ncon1=e(N)   

.     sca dofcon1=e(df_r)

.     est store m1 

.     mfx compute, predict(e(-13.815511, .))      

Marginal effects after tobit
      y  = E(lniages|lniages>-13.815511) (predict, e(-13.815511, .))
         = -2.4485664
------------------------------------------------------------------------------
variable |      dy/dx    Std. Err.     z    P>|z|  [    95% C.I.   ]      X
---------+--------------------------------------------------------------------
   lpcm2 |   .9682142      .34236    2.83   0.005   .297196  1.63923   .222457
 bonic_2*|  -.1543162      .42788   -0.36   0.718  -.992939  .684307    .19053
 bonic_3*|  -1.264476      .45074   -2.81   0.005  -2.14791 -.381038   .181511
 bonic_4*|  -1.023542       .4548   -2.25   0.024  -1.91493 -.132151    .18602
 bonic_5*|  -.7865849      .45539   -1.73   0.084  -1.67913  .105963   .199549
llnass~s |   .7182899      .06344   11.32   0.000    .59395   .84263    .13924
llnass~2 |   .0462493      .00592    7.81   0.000   .034641  .057858   10.6075
   lnage |  -.2019391      .19034   -1.06   0.289  -.574996  .171118   2.82292
    comp |   .0044496      .00209    2.13   0.033    .00035  .008549   49.7109
    br_2*|  -2.498038     1.23446   -2.02   0.043  -4.91753 -.078545   .055242
    br_3*|   .3280435     1.34897    0.24   0.808  -2.31589  2.97197   .042841
    br_4*|   -.773256     1.25491   -0.62   0.538  -3.23284  1.68633   .080045
    br_5*|   .2211219      1.2673    0.17   0.861  -2.26274  2.70499   .078918
    br_6*|  -.0001477     1.29944   -0.00   1.000    -2.547   2.5467   .058625
    br_7*|  -.5049631     1.30295   -0.39   0.698  -3.05869  2.04876   .052988
    br_8*|  -.7217525     1.22191   -0.59   0.555  -3.11666  1.67315   .129651
    br_9*|   1.969729     1.24798    1.58   0.114   -.47626  4.41572   .127396
   br_10*|    1.41641     1.26624    1.12   0.263  -1.06538   3.8982   .105975
   br_11*|   2.200201     1.25406    1.75   0.079  -.257714  4.65812   .113867
   br_12*|   1.102264     1.33121    0.83   0.408  -1.50685  3.71138    .05186
   br_13*|   .3300227     1.33925    0.25   0.805  -2.29487  2.95491   .046223
   br_14*|  -2.788279     1.36809   -2.04   0.042  -5.46969 -.106865   .023675
   br_15*|  -3.836601     1.34861   -2.84   0.004  -6.47984 -1.19337   .019166
------------------------------------------------------------------------------
(*) dy/dx is for discrete change of dummy variable from 0 to 1

.     matrix bcon1=e(Xmfx_dydx)

.     matrix secon1=e(Xmfx_se_dydx)

.     
.     testparm br_*

 ( 1)  [model]br_2 = 0
 ( 2)  [model]br_3 = 0
 ( 3)  [model]br_4 = 0
 ( 4)  [model]br_5 = 0
 ( 5)  [model]br_6 = 0
 ( 6)  [model]br_7 = 0
 ( 7)  [model]br_8 = 0
 ( 8)  [model]br_9 = 0
 ( 9)  [model]br_10 = 0
 (10)  [model]br_11 = 0
 (11)  [model]br_12 = 0
 (12)  [model]br_13 = 0
 (13)  [model]br_14 = 0
 (14)  [model]br_15 = 0

       F( 14,   864) =    8.06
            Prob > F =    0.0000

.     
.     tobit lniages lpcm2 bonic_2-bonic_5 llnassets llnassets2 lnage comp $id if con == 0, ll

Tobit regression                                  Number of obs   =       1581
                                                  LR chi2(23)     =     400.73
                                                  Prob > chi2     =     0.0000
Log likelihood = -3622.5077                       Pseudo R2       =     0.0524

------------------------------------------------------------------------------
     lniages |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       lpcm2 |   .0366253   .0410776     0.89   0.373    -.0439478    .1171985
     bonic_2 |  -.2999262   .8333961    -0.36   0.719    -1.934622     1.33477
     bonic_3 |  -1.382107   .8806832    -1.57   0.117    -3.109556    .3453424
     bonic_4 |  -1.930709   .8957134    -2.16   0.031     -3.68764   -.1737785
     bonic_5 |  -2.098057   .9098181    -2.31   0.021    -3.882654     -.31346
   llnassets |    1.07438   .1200515     8.95   0.000     .8389008     1.30986
  llnassets2 |    .055909   .0103119     5.42   0.000     .0356823    .0761357
       lnage |  -.6128085   .3569479    -1.72   0.086    -1.312957    .0873404
        comp |   .0079915    .004021     1.99   0.047     .0001045    .0158786
        br_2 |   5.840505   1.644325     3.55   0.000     2.615183    9.065828
        br_3 |   7.590939   1.791527     4.24   0.000     4.076882      11.105
        br_4 |   7.024263   1.573284     4.46   0.000     3.938285    10.11024
        br_5 |   10.85454   1.678332     6.47   0.000     7.562509    14.14657
        br_6 |   6.424969   1.742194     3.69   0.000     3.007676    9.842262
        br_7 |   3.394525   1.848262     1.84   0.066    -.2308192    7.019869
        br_8 |   6.072812    1.55786     3.90   0.000     3.017089    9.128534
        br_9 |   10.73668   1.587378     6.76   0.000     7.623057     13.8503
       br_10 |   10.06027    1.72198     5.84   0.000     6.682626    13.43791
       br_11 |   13.36719   1.696627     7.88   0.000     10.03927     16.6951
       br_12 |   7.730395   1.903549     4.06   0.000     3.996607    11.46418
       br_13 |   7.850872   1.769588     4.44   0.000     4.379846     11.3219
       br_14 |  -5.252979   1.731196    -3.03   0.002      -8.6487   -1.857259
       br_15 |  -1.933211   1.931593    -1.00   0.317    -5.722007    1.855585
       _cons |  -14.38705   1.894633    -7.59   0.000    -18.10335   -10.67075
-------------+----------------------------------------------------------------
      /sigma |   9.204192   .2536949                      8.706572    9.701811
------------------------------------------------------------------------------
  Obs. summary:        731  left-censored observations at lniages<=-13.815511
                       850     uncensored observations
                         0 right-censored observations

.     sca Ncon0=e(N)

.     sca dofcon0=e(df_r)

.     est store m2 

.     mfx compute, predict(e(-13.815511, .))

Marginal effects after tobit
      y  = E(lniages|lniages>-13.815511) (predict, e(-13.815511, .))
         = -5.1861305
------------------------------------------------------------------------------
variable |      dy/dx    Std. Err.     z    P>|z|  [    95% C.I.   ]      X
---------+--------------------------------------------------------------------
   lpcm2 |   .0163206      .01829    0.89   0.372  -.019529   .05217  -.217981
 bonic_2*|  -.1329325       .3674   -0.36   0.717  -.853026  .587161   .212524
 bonic_3*|  -.6003965      .37284   -1.61   0.107  -1.33115  .130361   .203669
 bonic_4*|  -.8310523      .37222   -2.23   0.026  -1.56059 -.101513   .210626
 bonic_5*|  -.8997262      .37531   -2.40   0.017  -1.63533 -.164122   .204934
llnass~s |   .4787535      .05353    8.94   0.000   .373829  .583678   -.58144
llnass~2 |   .0249135       .0046    5.41   0.000   .015892  .033935   16.4339
   lnage |   -.273073      .15903   -1.72   0.086  -.584761  .038615   2.81625
    comp |   .0035611      .00179    1.99   0.047    .00005  .007072   40.3043
    br_2*|   3.030433       .9775    3.10   0.002   1.11457  4.94629   .077799
    br_3*|   4.168299      1.1747    3.55   0.000   1.86593  6.47067   .047438
    br_4*|   3.701549      .96058    3.85   0.000   1.81884  5.58426   .113219
    br_5*|   6.426185     1.23866    5.19   0.000   3.99845  8.85392   .058191
    br_6*|   3.408614      1.0775    3.16   0.002   1.29674  5.52048   .057559
    br_7*|   1.664962      .99211    1.68   0.093  -.279541  3.60946   .044908
    br_8*|   3.117533      .90866    3.43   0.001   1.33659  4.89847   .124605
    br_9*|    6.20502     1.12766    5.50   0.000   3.99484   8.4152   .096142
   br_10*|   5.845405     1.23595    4.73   0.000   3.42299  8.26782   .058191
   br_11*|   8.368414     1.35274    6.19   0.000   5.71709  11.0197   .058191
   br_12*|   4.284671     1.26878    3.38   0.001   1.79791  6.77143   .034156
   br_13*|   4.334203     1.17088    3.70   0.000   2.03933  6.62908   .050601
   br_14*|  -2.039882      .58118   -3.51   0.000  -3.17897  -.90079   .076534
   br_15*|  -.8169879      .77242   -1.06   0.290  -2.33091   .69693   .060721
------------------------------------------------------------------------------
(*) dy/dx is for discrete change of dummy variable from 0 to 1

.     matrix bcon0=e(Xmfx_dydx)

.     matrix secon0=e(Xmfx_se_dydx)

.     testparm br_*

 ( 1)  [model]br_2 = 0
 ( 2)  [model]br_3 = 0
 ( 3)  [model]br_4 = 0
 ( 4)  [model]br_5 = 0
 ( 5)  [model]br_6 = 0
 ( 6)  [model]br_7 = 0
 ( 7)  [model]br_8 = 0
 ( 8)  [model]br_9 = 0
 ( 9)  [model]br_10 = 0
 (10)  [model]br_11 = 0
 (11)  [model]br_12 = 0
 (12)  [model]br_13 = 0
 (13)  [model]br_14 = 0
 (14)  [model]br_15 = 0

       F( 14,  1558) =   19.92
            Prob > F =    0.0000

. 
.     estout m1 m2, cells(b(star fmt(3)) se(par fmt(3))) var(8) model(10) style(smcl) starlevels(* 0.10 ** 0.05 *** 0.01)

------------------------------------
                 m1            m2   
               b/se          b/se   
------------------------------------
model                               
lpcm2         0.993***      0.037   
            (0.351)       (0.041)   
bonic_2      -0.158        -0.300   
            (0.439)       (0.833)   
bonic_3      -1.306***     -1.382   
            (0.470)       (0.881)   
bonic_4      -1.056**      -1.931** 
            (0.472)       (0.896)   
bonic_5      -0.810*       -2.098** 
            (0.471)       (0.910)   
llnass~s      0.737***      1.074***
            (0.065)       (0.120)   
llnass~2      0.047***      0.056***
            (0.006)       (0.010)   
lnage        -0.207        -0.613*  
            (0.195)       (0.357)   
comp          0.005**       0.008** 
            (0.002)       (0.004)   
br_2         -2.629*        5.841***
            (1.344)       (1.644)   
br_3          0.336         7.591***
            (1.378)       (1.792)   
br_4         -0.797         7.024***
            (1.301)       (1.573)   
br_5          0.226        10.855***
            (1.296)       (1.678)   
br_6         -0.000         6.425***
            (1.333)       (1.742)   
br_7         -0.520         3.395*  
            (1.346)       (1.848)   
br_8         -0.744         6.073***
            (1.264)       (1.558)   
br_9          2.003        10.737***
            (1.263)       (1.587)   
br_10         1.443        10.060***
            (1.284)       (1.722)   
br_11         2.235*       13.367***
            (1.267)       (1.697)   
br_12         1.123         7.730***
            (1.350)       (1.904)   
br_13         0.338         7.851***
            (1.368)       (1.770)   
br_14        -2.956*       -5.253***
            (1.519)       (1.731)   
br_15        -4.163***     -1.933   
            (1.597)       (1.932)   
_cons        -2.615*      -14.387***
            (1.403)       (1.895)   
------------------------------------
sigma                               
_cons         4.112***      9.204***
            (0.108)       (0.254)   
------------------------------------

. 
. 
. *** test in equality of marginal effects between equations
. 
. * for pcm
.     sca mEdiff_lpcm2=bcon1[1,1]-bcon0[1,1]

.     
.     sca vcon1_lpcm2=(secon1[1,1]^2)*dofcon1 

.     sca vcon0_lpcm2=(secon0[1,1]^2)*dofcon0 

.     sca se_lpcm2=((vcon1_lpcm2+vcon0_lpcm2)/(dofcon1+dofcon0))^0.5

.     sca Tstat_lpcm2=mEdiff_lpcm2/se_lpcm2

.     di Tstat_lpcm2
4.6432029

. 
. * for rating2 
.     sca mEdiff_bonic2=bcon1[1,2]-bcon0[1,2]    

.     sca vcon1_bonic2=(secon1[1,2]^2)*dofcon1 

.     sca vcon0_bonic2=(secon0[1,2]^2)*dofcon0 

.     sca se_bonic2=((vcon1_bonic2+vcon0_bonic2)/(dofcon1+dofcon0))^0.5

.     sca Tstat_bonic2=mEdiff_bonic2/se_bonic2

.     di Tstat_bonic2     
-.05482267

.                         
. * for rating3 
.     sca mEdiff_bonic3=bcon1[1,3]-bcon0[1,3]  

.     sca vcon1_bonic3=(secon1[1,3]^2)*dofcon1 

.     sca vcon0_bonic3=(secon0[1,3]^2)*dofcon0    

.     sca se_bonic3=((vcon1_bonic3+vcon0_bonic3)/(dofcon1+dofcon0))^0.5 

.     sca Tstat_bonic3=mEdiff_bonic3/se_bonic3

.     di Tstat_bonic3     
-1.6504384

. 
. * for rating4 
.     sca mEdiff_bonic4=bcon1[1,4]-bcon0[1,4]

.     sca vcon1_bonic4=(secon1[1,4]^2)*dofcon1 

.     sca vcon0_bonic4=(secon0[1,4]^2)*dofcon0 

.     sca se_bonic4=((vcon1_bonic4+vcon0_bonic4)/(dofcon1+dofcon0))^0.5 

.     sca Tstat_bonic4=mEdiff_bonic4/se_bonic4

.     di Tstat_bonic4 
-.47690634

.     
.     
. * for rating5 
.     sca mEdiff_bonic5=bcon1[1,5]-bcon0[1,5]    

.     sca vcon1_bonic5=(secon1[1,5]^2)*dofcon1 

.     sca vcon0_bonic5=(secon0[1,5]^2)*dofcon0    

.     sca se_bonic5=((vcon1_bonic5+vcon0_bonic5)/(dofcon1+dofcon0))^0.5   

.     sca Tstat_bonic5=mEdiff_bonic5/se_bonic5

.     di Tstat_bonic5
.27888102

.  
. 
. 
. 
. *---------------------------------------------------------------------------------------
. *
. *           T A B E L S      A P P E N D I X  
. *
. *---------------------------------------------------------------------------------------
. 
. *** Table A.1 Industries and CON by industries
.     tabstat con, by(br) 

Summary for variables: con
     by categories of: br (industry)

              br |      mean
-----------------+----------
          mining |  .1538462
    food/tobacco |  .2848837
        textiles |  .3362832
paper/wood/print |      .284
        chemical |  .4320988
 plastics/rubber |  .3636364
   glas/ceramics |  .3983051
           metal |  .3685897
       machinery |  .4264151
    electr. eng. |  .5053763
medicine/optic/p |  .5233161
        vehicles |       .46
       furniture |   .338843
    energy/water |  .1478873
    construction |  .1504425
-----------------+----------
           Total |  .3594003
----------------------------

.     tabstat type, by(br) 

Summary for variables: type
     by categories of: br (industry)

              br |      mean
-----------------+----------
          mining |  .1538462
    food/tobacco |  .2965116
        textiles |  .3451327
paper/wood/print |      .292
        chemical |  .4753086
 plastics/rubber |  .3846154
   glas/ceramics |  .3983051
           metal |      .375
       machinery |  .4603774
    electr. eng. |  .5430108
medicine/optic/p |  .5595855
        vehicles |       .48
       furniture |  .3553719
    energy/water |  .1549296
    construction |  .1504425
-----------------+----------
           Total |  .3776337
----------------------------

.     tab type br

 degree of |
constraint |                                                         industry
  s (TYPE) |    mining  food/toba   textiles  paper/woo   chemical  plastics/  glas/cera      metal  machinery  electr. e  medicine/ |     Total
-----------+-------------------------------------------------------------------------------------------------------------------------+----------
         0 |        66        123         75        179         92         91         71        197        152         92         92 |     1,581 
         1 |        12         47         37         69         63         49         47        113        104         87         94 |       842 
         2 |         0          2          1          2          7          3          0          2          9          7          7 |        45 
-----------+-------------------------------------------------------------------------------------------------------------------------+----------
     Total |        78        172        113        250        162        143        118        312        265        186        193 |     2,468 


 degree of |
constraint |                  industry
  s (TYPE) |  vehicles  furniture  energy/wa  construct |     Total
-----------+--------------------------------------------+----------
         0 |        54         80        121         96 |     1,581 
         1 |        44         39         20         17 |       842 
         2 |         2          2          1          0 |        45 
-----------+--------------------------------------------+----------
     Total |       100        121        142        113 |     2,468 


.     tab br type, col

+-------------------+
| Key               |
|-------------------|
|     frequency     |
| column percentage |
+-------------------+

                      |   degree of constraints (TYPE)
             industry |         0          1          2 |     Total
----------------------+---------------------------------+----------
               mining |        66         12          0 |        78 
                      |      4.17       1.43       0.00 |      3.16 
----------------------+---------------------------------+----------
         food/tobacco |       123         47          2 |       172 
                      |      7.78       5.58       4.44 |      6.97 
----------------------+---------------------------------+----------
             textiles |        75         37          1 |       113 
                      |      4.74       4.39       2.22 |      4.58 
----------------------+---------------------------------+----------
     paper/wood/print |       179         69          2 |       250 
                      |     11.32       8.19       4.44 |     10.13 
----------------------+---------------------------------+----------
             chemical |        92         63          7 |       162 
                      |      5.82       7.48      15.56 |      6.56 
----------------------+---------------------------------+----------
      plastics/rubber |        91         49          3 |       143 
                      |      5.76       5.82       6.67 |      5.79 
----------------------+---------------------------------+----------
        glas/ceramics |        71         47          0 |       118 
                      |      4.49       5.58       0.00 |      4.78 
----------------------+---------------------------------+----------
                metal |       197        113          2 |       312 
                      |     12.46      13.42       4.44 |     12.64 
----------------------+---------------------------------+----------
            machinery |       152        104          9 |       265 
                      |      9.61      12.35      20.00 |     10.74 
----------------------+---------------------------------+----------
         electr. eng. |        92         87          7 |       186 
                      |      5.82      10.33      15.56 |      7.54 
----------------------+---------------------------------+----------
medicine/optic/proces |        92         94          7 |       193 
                      |      5.82      11.16      15.56 |      7.82 
----------------------+---------------------------------+----------
             vehicles |        54         44          2 |       100 
                      |      3.42       5.23       4.44 |      4.05 
----------------------+---------------------------------+----------
            furniture |        80         39          2 |       121 
                      |      5.06       4.63       4.44 |      4.90 
----------------------+---------------------------------+----------
         energy/water |       121         20          1 |       142 
                      |      7.65       2.38       2.22 |      5.75 
----------------------+---------------------------------+----------
         construction |        96         17          0 |       113 
                      |      6.07       2.02       0.00 |      4.58 
----------------------+---------------------------------+----------
                Total |     1,581        842         45 |     2,468 
                      |    100.00     100.00     100.00 |    100.00 


.     tab br type, row

+----------------+
| Key            |
|----------------|
|   frequency    |
| row percentage |
+----------------+

                      |   degree of constraints (TYPE)
             industry |         0          1          2 |     Total
----------------------+---------------------------------+----------
               mining |        66         12          0 |        78 
                      |     84.62      15.38       0.00 |    100.00 
----------------------+---------------------------------+----------
         food/tobacco |       123         47          2 |       172 
                      |     71.51      27.33       1.16 |    100.00 
----------------------+---------------------------------+----------
             textiles |        75         37          1 |       113 
                      |     66.37      32.74       0.88 |    100.00 
----------------------+---------------------------------+----------
     paper/wood/print |       179         69          2 |       250 
                      |     71.60      27.60       0.80 |    100.00 
----------------------+---------------------------------+----------
             chemical |        92         63          7 |       162 
                      |     56.79      38.89       4.32 |    100.00 
----------------------+---------------------------------+----------
      plastics/rubber |        91         49          3 |       143 
                      |     63.64      34.27       2.10 |    100.00 
----------------------+---------------------------------+----------
        glas/ceramics |        71         47          0 |       118 
                      |     60.17      39.83       0.00 |    100.00 
----------------------+---------------------------------+----------
                metal |       197        113          2 |       312 
                      |     63.14      36.22       0.64 |    100.00 
----------------------+---------------------------------+----------
            machinery |       152        104          9 |       265 
                      |     57.36      39.25       3.40 |    100.00 
----------------------+---------------------------------+----------
         electr. eng. |        92         87          7 |       186 
                      |     49.46      46.77       3.76 |    100.00 
----------------------+---------------------------------+----------
medicine/optic/proces |        92         94          7 |       193 
                      |     47.67      48.70       3.63 |    100.00 
----------------------+---------------------------------+----------
             vehicles |        54         44          2 |       100 
                      |     54.00      44.00       2.00 |    100.00 
----------------------+---------------------------------+----------
            furniture |        80         39          2 |       121 
                      |     66.12      32.23       1.65 |    100.00 
----------------------+---------------------------------+----------
         energy/water |       121         20          1 |       142 
                      |     85.21      14.08       0.70 |    100.00 
----------------------+---------------------------------+----------
         construction |        96         17          0 |       113 
                      |     84.96      15.04       0.00 |    100.00 
----------------------+---------------------------------+----------
                Total |     1,581        842         45 |     2,468 
                      |     64.06      34.12       1.82 |    100.00 


. 
. 
. 
. *** Table A.2 Profit-Margin Categories
.     tab profit

     profit |      Freq.     Percent        Cum.
------------+-----------------------------------
          1 |        272       11.02       11.02
          2 |        419       16.98       28.00
          3 |        467       18.92       46.92
          4 |        619       25.08       72.00
          5 |        333       13.49       85.49
          6 |        209        8.47       93.96
          7 |        149        6.04      100.00
------------+-----------------------------------
      Total |      2,468      100.00

. 
. 
.   
. *** Table A.4: Sensitivity Analysis
. 
.     **** Benchmark case: innovative capability based on formal qualification and training, 80pctile
.         
.         qui probit con $BM lnsize lnage lnplc east $respond comp famcom group kapint rating $id, robust cluster(cls)

.         fitstat

Measures of Fit for probit of con

Log-Lik Intercept Only:    -1611.783     Log-Lik Full Model:        -1489.708
D(2435):                    2979.415     LR(28):                      244.150
                                         Prob > LR:                     0.000
McFadden's R2:                 0.076     McFadden's Adj R2:             0.055
Maximum Likelihood R2:         0.094     Cragg & Uhler's R2:            0.129
McKelvey and Zavoina's R2:     0.164     Efron's R2:                    0.093
Variance of y*:                1.197     Variance of error:             1.000
Count R2:                      0.657     Adj Count R2:                  0.045
AIC:                           1.234     AIC*n:                      3045.415
BIC:                      -16040.768     BIC':                        -25.438

.         dprobit con $BM lnsize lnage lnplc east $respond comp famcom group kapint rating $id, robust cluster(cls)

Iteration 0:   log pseudolikelihood = -1611.7826
Iteration 1:   log pseudolikelihood = -1491.6406
Iteration 2:   log pseudolikelihood = -1489.7654
Iteration 3:   log pseudolikelihood = -1489.7077
Iteration 4:   log pseudolikelihood = -1489.7075

Probit regression, reporting marginal effects           Number of obs =   2468
                                                        Wald chi2(28) =      .
                                                        Prob > chi2   =      .
Log pseudolikelihood = -1489.7075                       Pseudo R2     = 0.0757

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
         |               Robust
     con |      dF/dx   Std. Err.      z    P>|z|     x-bar  [    95% C.I.   ]
---------+--------------------------------------------------------------------
    b1m0*|   .2137805   .0600805     3.60   0.000   .039303   .096025  .331536
    b1m1*|   .0980138   .0344207     2.90   0.004   .179903    .03055  .165477
    b1m2*|   .1356057   .0554589     2.50   0.012   .110211   .026908  .244303
    b0m0*|    .022462   .0525266     0.43   0.666   .070908  -.080488  .125412
    b0m1*|  -.0404974   .0246935    -1.64   0.102   .429903  -.088896  .007901
  lnsize |   .0512642   .0068391     7.44   0.000    3.9526    .03786  .064669
   lnage |   .0026629   .0135009     0.20   0.844   2.81865  -.023798  .029124
   lnplc |  -.0145065   .0132631    -1.10   0.273   2.47066  -.040502  .011489
    east*|  -.0323111   .0201457    -1.58   0.113   .306726  -.071796  .007174
 finance*|  -.1070087   .0270374    -3.72   0.000   .156807  -.160001 -.054016
      RD*|   .0412436   .0408689     1.02   0.306   .062399  -.038858  .121345
 kaufman*|  -.0734102   .0385781    -1.82   0.069   .076175  -.149022  .002201
   other*|  -.0429733   .0387159    -1.08   0.278   .063209  -.118855  .032908
    comp |   .0000225   .0001288     0.18   0.861   43.6851   -.00023  .000275
  famcom*|   .0372378   .0189311     1.95   0.051   .665721   .000134  .074342
   group*|  -.0150404   .0313351    -0.48   0.632   .330632  -.076456  .046375
  kapint |  -.1133967   .0555219    -2.04   0.042   .088745  -.222218 -.004576
  rating |   -.018229   .0150305    -1.21   0.225   2.27288  -.047688   .01123
    br_2*|   .1302126   .1043426     1.28   0.201   .069692  -.074295   .33472
    br_3*|   .1863997   .1194905     1.59   0.112   .045786  -.047797  .420597
    br_4*|    .119169   .1032614     1.18   0.238   .101297   -.08322  .321558
    br_5*|   .2345684   .1057898     2.22   0.026    .06564   .027224  .441913
    br_6*|   .2113565   .1094918     1.95   0.051   .057942  -.003243  .425956
    br_7*|   .2608084   .1022909     2.52   0.012   .047812   .060322  .461295
    br_8*|   .2179112   .1027234     2.14   0.032   .126418   .016577  .419245
    br_9*|   .2190947   .1117294     1.98   0.047   .107374   .000109   .43808
   br_10*|   .2899044   .1062987     2.67   0.008   .075365   .081563  .498246
   br_11*|   .3016422   .1019382     2.87   0.004   .078201   .101847  .501437
   br_12*|   .2565981   .1157553     2.20   0.028   .040519   .029722  .483474
   br_13*|   .2015618   .1081485     1.89   0.059   .049028  -.010405  .413529
   br_14*|   .0253641    .113831     0.23   0.822   .057536  -.197741  .248469
   br_15*|   -.016338   .1032938    -0.16   0.875   .045786   -.21879  .186114
---------+--------------------------------------------------------------------
  obs. P |   .3594003
 pred. P |   .3456937  (at x-bar)
------------------------------------------------------------------------------
(*) dF/dx is for discrete change of dummy variable from 0 to 1
    z and P>|z| correspond to the test of the underlying coefficient being 0

.             
.     ** Test H1: (1) beta1 (b1m0) > beta4 (b0m0); (2) beta2 (b1m1) > beta5 (b0m1); (3) beta3 (b1m2) > 0
.     ** compare pairwise hypotheses with adjusted significance level alpha/3 (Bonferroni)
.     sca bonfi10=0.1/3

.     sca bonfi5=0.05/3

.     sca bonfi1=0.01/3

.     sca di bonfi10 bonfi5 bonfi1
   bonfi10 =  .03333333
    bonfi5 =  .01666667
    bonfi1 =  .00333333

. 
.     sca sidak10=1-(1-0.1)^(1/3)

.     sca sidak5=1-(1-0.05)^(1/3)

.     sca sidak1=1-(1-0.01)^(1/3)

.     sca di sidak10 sidak5 sidak1
   sidak10 =  .03451062
    sidak5 =  .01695243
    sidak1 =  .00334451

. 
.     ** figures " 1 4" just indicate which coefficients are tested, no other meaning
.     uetest  b0m0 b1m0  1 4  

 ( 1)  - b1m0 + b0m0 = 0

           chi2(  1) =    6.06
         Prob > chi2 =    0.0138

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0068946           0   .0068946   .0068946

.     uetest  b0m1 b1m1  2 5

 ( 1)  - b1m1 + b0m1 = 0

           chi2(  1) =   25.48
         Prob > chi2 =    0.0000

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    2.23e-07           0   2.23e-07   2.23e-07

.     * two-sided test => one-sided test: pvalue/2 
.     test b1m2=0

 ( 1)  b1m2 = 0

           chi2(  1) =    6.26
         Prob > chi2 =    0.0123

.     
.           
.     ** Test H2a: (1) beta1 (b1m0) > beta2 (b1m1); (2) beta1 (b1m0) > beta3 (b1m2); (3) beta2 (b1m1) > beta3 (b1m2)
.     uetest  b1m1 b1m0 1 2  

 ( 1)  - b1m0 + b1m1 = 0

           chi2(  1) =    5.05
         Prob > chi2 =    0.0246

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0122856           0   .0122856   .0122856

.     uetest  b1m2 b1m0 1 3

 ( 1)  - b1m0 + b1m2 = 0

           chi2(  1) =    2.65
         Prob > chi2 =    0.1037

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0518337           0   .0518337   .0518337

.     uetest  b1m2 b1m1 2 3

 ( 1)  - b1m1 + b1m2 = 0

           chi2(  1) =    0.70
         Prob > chi2 =    0.4023

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .7988272           0   .7988272   .7988272

.     
.     testparm br_*

 ( 1)  br_2 = 0
 ( 2)  br_3 = 0
 ( 3)  br_4 = 0
 ( 4)  br_5 = 0
 ( 5)  br_6 = 0
 ( 6)  br_7 = 0
 ( 7)  br_8 = 0
 ( 8)  br_9 = 0
 ( 9)  br_10 = 0
 (10)  br_11 = 0
 (11)  br_12 = 0
 (12)  br_13 = 0
 (13)  br_14 = 0
 (14)  br_15 = 0

           chi2( 14) =  370.10
         Prob > chi2 =    0.0000

.     test famcom group kapint rating 

 ( 1)  famcom = 0
 ( 2)  group = 0
 ( 3)  kapint = 0
 ( 4)  rating = 0

           chi2(  4) =    8.92
         Prob > chi2 =    0.0631

.     lstat

Probit model for con

              -------- True --------
Classified |         D            ~D  |      Total
-----------+--------------------------+-----------
     +     |       237           197  |        434
     -     |       650          1384  |       2034
-----------+--------------------------+-----------
   Total   |       887          1581  |       2468

Classified + if predicted Pr(D) >= .5
True D defined as con != 0
--------------------------------------------------
Sensitivity                     Pr( +| D)   26.72%
Specificity                     Pr( -|~D)   87.54%
Positive predictive value       Pr( D| +)   54.61%
Negative predictive value       Pr(~D| -)   68.04%
--------------------------------------------------
False + rate for true ~D        Pr( +|~D)   12.46%
False - rate for true D         Pr( -| D)   73.28%
False + rate for classified +   Pr(~D| +)   45.39%
False - rate for classified -   Pr( D| -)   31.96%
--------------------------------------------------
Correctly classified                        65.68%
--------------------------------------------------

.     
. 
. 
.     **** Line 1: innovative capability based on formal qualification and training, mean
. 
.         sum bhsp,d

      Anteil Beschaeftigte mit Hochschulabschluss 2006
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                2466
25%            4              0       Sum of Wgt.        2466

50%           10                      Mean            14.5744
                        Largest       Std. Dev.      17.26172
75%         19.5            100
90%           35            100       Variance        297.967
95%           50            100       Skewness       2.382543
99%           88            100       Kurtosis        9.61724

.         egen pablom = mean(bhsp) 

.         sum wb_b, d

                            wb_b
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                2468
25%     .0024477              0       Sum of Wgt.        2468

50%     .0070609                      Mean           .0171099
                        Largest       Std. Dev.      .0798385
75%     .0144139           1.36
90%      .028609       1.780992       Variance       .0063742
95%     .0491459       1.803279       Skewness        19.1852
99%     .1481481       2.115541       Kurtosis       430.9415

.         egen trainm = mean(wb_b)

.         gen innocap1 = 0

.         replace innocap1 = 1 if (bhsp > pablom & bhsp !=.) | (wb_b > trainm & wb_b !=.) 
(1090 real changes made)

. 
.         gen b1m0_s1=1 if innocap1==1 & profit==1
(2345 missing values generated)

.         replace b1m0_s1=0 if b1m0_s1==.
(2345 real changes made)

.         gen b1m1_s1=1 if innocap1==1 & profit>1 & profit<5
(1843 missing values generated)

.         replace b1m1_s1=0 if b1m1_s1==.
(1843 real changes made)

.         gen b1m2_s1=1 if innocap1==1 & profit>=5 & profit!=8
(2126 missing values generated)

.         replace b1m2_s1=0 if b1m2_s1==.
(2126 real changes made)

.         gen b0m0_s1=1 if innocap1==0 & profit==1
(2319 missing values generated)

.         replace b0m0_s1=0 if b0m0_s1==.
(2319 real changes made)

.         gen b0m1_s1=1 if innocap1==0 & profit>1 & profit<5
(1588 missing values generated)

.         replace b0m1_s1=0 if b0m1_s1==.
(1588 real changes made)

.         gen b0m2_s1=1 if innocap1==0 & profit>=5 & profit!=8
(2119 missing values generated)

.         replace b0m2_s1=0 if b0m2_s1==.
(2119 real changes made)

.     
.         global BMs1 "b1m0_s1 b1m1_s1 b1m2_s1 b0m0_s1 b0m1_s1"

.     
.         qui probit con $BMs1 lnsize lnage plc east $respond comp famcom group kapint rating $id, robust cluster(cls)

.         fitstat

Measures of Fit for probit of con

Log-Lik Intercept Only:    -1611.783     Log-Lik Full Model:        -1494.071
D(2435):                    2988.143     LR(28):                      235.423
                                         Prob > LR:                     0.000
McFadden's R2:                 0.073     McFadden's Adj R2:             0.053
Maximum Likelihood R2:         0.091     Cragg & Uhler's R2:            0.125
McKelvey and Zavoina's R2:     0.161     Efron's R2:                    0.088
Variance of y*:                1.192     Variance of error:             1.000
Count R2:                      0.665     Adj Count R2:                  0.069
AIC:                           1.237     AIC*n:                      3054.143
BIC:                      -16032.040     BIC':                        -16.710

. 
.         dprobit con $BMs1 lnsize lnage plc east $respond comp famcom group kapint rating $id, robust cluster(cls)

Iteration 0:   log pseudolikelihood = -1611.7826
Iteration 1:   log pseudolikelihood = -1496.0623
Iteration 2:   log pseudolikelihood = -1494.1448
Iteration 3:   log pseudolikelihood = -1494.0716
Iteration 4:   log pseudolikelihood = -1494.0714
Iteration 5:   log pseudolikelihood = -1494.0714

Probit regression, reporting marginal effects           Number of obs =   2468
                                                        Wald chi2(28) =      .
                                                        Prob > chi2   =      .
Log pseudolikelihood = -1494.0714                       Pseudo R2     = 0.0730

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
         |               Robust
     con |      dF/dx   Std. Err.      z    P>|z|     x-bar  [    95% C.I.   ]
---------+--------------------------------------------------------------------
 b1m0_s1*|   .1896823   .0547298     3.53   0.000   .049838   .082414  .296951
 b1m1_s1*|   .0809839   .0362332     2.26   0.024   .253241   .009968     .152
 b1m2_s1*|   .1406074   .0485009     2.96   0.003   .138574   .045547  .235667
 b0m0_s1*|   .0386427   .0548867     0.71   0.475   .060373  -.068933  .146219
 b0m1_s1*|  -.0282333   .0255122    -1.10   0.271   .356564  -.078236   .02177
  lnsize |   .0482601   .0062604     7.62   0.000    3.9526    .03599   .06053
   lnage |   .0018422   .0137848     0.13   0.894   2.81865  -.025176   .02886
     plc |  -.0002438   .0005797    -0.42   0.674   18.8138   -.00138  .000892
    east*|  -.0358537   .0193971    -1.82   0.069   .306726  -.073871  .002164
 finance*|  -.1099816   .0276096    -3.74   0.000   .156807  -.164095 -.055868
      RD*|    .039338   .0419326     0.95   0.341   .062399  -.042848  .121524
 kaufman*|  -.0754855   .0377221    -1.91   0.057   .076175  -.149419 -.001552
   other*|  -.0419163    .039187    -1.04   0.296   .063209  -.118721  .034889
    comp |   .0000436   .0001389     0.31   0.753   43.6851  -.000229  .000316
  famcom*|   .0360174   .0188715     1.89   0.059   .665721   -.00097  .073005
   group*|  -.0148053   .0302315    -0.49   0.625   .330632  -.074058  .044447
  kapint |  -.1289549   .0564999    -2.28   0.023   .088745  -.239693 -.018217
  rating |  -.0171152   .0152028    -1.13   0.261   2.27288  -.046912  .012682
    br_2*|   .1271702   .1061486     1.23   0.220   .069692  -.080877  .335218
    br_3*|   .1887841   .1200007     1.60   0.109   .045786  -.046413  .423981
    br_4*|   .1204957   .1065012     1.16   0.247   .101297  -.088243  .329234
    br_5*|   .2302886   .1083243     2.14   0.033    .06564   .017977    .4426
    br_6*|   .2098881   .1112343     1.91   0.056   .057942  -.008127  .427903
    br_7*|   .2494874   .1050288     2.36   0.018   .047812   .043635   .45534
    br_8*|    .217104   .1046353     2.10   0.036   .126418   .012023  .422185
    br_9*|   .2151052    .117838     1.85   0.064   .107374  -.015853  .446063
   br_10*|   .2815226    .108784     2.54   0.011   .075365    .06831  .494735
   br_11*|   .3110291   .1029616     2.92   0.004   .078201   .109228   .51283
   br_12*|   .2559828   .1167568     2.17   0.030   .040519   .027144  .484822
   br_13*|   .1990272   .1120027     1.80   0.071   .049028  -.020494  .418549
   br_14*|   .0149762   .1150153     0.13   0.896   .057536   -.21045  .240402
   br_15*|  -.0242817    .104864    -0.23   0.819   .045786  -.229811  .181248
---------+--------------------------------------------------------------------
  obs. P |   .3594003
 pred. P |   .3457375  (at x-bar)
------------------------------------------------------------------------------
(*) dF/dx is for discrete change of dummy variable from 0 to 1
    z and P>|z| correspond to the test of the underlying coefficient being 0

.             
.     ** Test H1: (1) beta1 (b1m0) > beta4 (b0m0); (2) beta2 (b1m1) > beta5 (b0m1); (3) beta3 (b1m2) > 0
.     ** compare pairwise hypotheses with adjusted significance level alpha/3 (Bonferroni)
.     sca bonfi10=0.1/3

.     sca bonfi5=0.05/3

.     sca bonfi1=0.01/3

.     sca di bonfi10 bonfi5 bonfi1
   bonfi10 =  .03333333
    bonfi5 =  .01666667
    bonfi1 =  .00333333

. 
.     sca sidak10=1-(1-0.1)^(1/3)

.     sca sidak5=1-(1-0.05)^(1/3)

.     sca sidak1=1-(1-0.01)^(1/3)

.     sca di sidak10 sidak5 sidak1
   sidak10 =  .03451062
    sidak5 =  .01695243
    sidak1 =  .00334451

. 
.     ** figures " 1 4" just indicate which coefficients are tested, no other meaning
.     uetest  b0m0_s1 b1m0_s1  1 4  

 ( 1)  - b1m0_s1 + b0m0_s1 = 0

           chi2(  1) =    3.90
         Prob > chi2 =    0.0484

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0242129           0   .0242129   .0242129

.     uetest  b0m1_s1 b1m1_s1  2 5

 ( 1)  - b1m1_s1 + b0m1_s1 = 0

           chi2(  1) =   11.56
         Prob > chi2 =    0.0007

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0003366           0   .0003366   .0003366

.     * two-sided test => one-sided test: pvalue/2 
.     test b1m2_s1=0

 ( 1)  b1m2_s1 = 0

           chi2(  1) =    8.75
         Prob > chi2 =    0.0031

.     
.           
.     ** Test H2a: (1) beta1 (b1m0) > beta2 (b1m1); (2) beta1 (b1m0) > beta3 (b1m2); (3) beta2 (b1m1) > beta3 (b1m2)
.     uetest  b1m1_s1 b1m0_s1 1 2  

 ( 1)  - b1m0_s1 + b1m1_s1 = 0

           chi2(  1) =    4.97
         Prob > chi2 =    0.0258

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0129214           0   .0129214   .0129214

.     uetest  b1m2_s1 b1m0_s1 1 3

 ( 1)  - b1m0_s1 + b1m2_s1 = 0

           chi2(  1) =    1.06
         Prob > chi2 =    0.3028

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .1513971           0   .1513971   .1513971

.     uetest  b1m2_s1 b1m1_s1 2 3

 ( 1)  - b1m1_s1 + b1m2_s1 = 0

           chi2(  1) =    2.21
         Prob > chi2 =    0.1370

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .9314799           0   .9314799   .9314799

.     
.     testparm br_*

 ( 1)  br_2 = 0
 ( 2)  br_3 = 0
 ( 3)  br_4 = 0
 ( 4)  br_5 = 0
 ( 5)  br_6 = 0
 ( 6)  br_7 = 0
 ( 7)  br_8 = 0
 ( 8)  br_9 = 0
 ( 9)  br_10 = 0
 (10)  br_11 = 0
 (11)  br_12 = 0
 (12)  br_13 = 0
 (13)  br_14 = 0
 (14)  br_15 = 0

           chi2( 14) =  825.53
         Prob > chi2 =    0.0000

.     test famcom group kapint rating 

 ( 1)  famcom = 0
 ( 2)  group = 0
 ( 3)  kapint = 0
 ( 4)  rating = 0

           chi2(  4) =   10.15
         Prob > chi2 =    0.0380

.     lstat

Probit model for con

              -------- True --------
Classified |         D            ~D  |      Total
-----------+--------------------------+-----------
     +     |       242           181  |        423
     -     |       645          1400  |       2045
-----------+--------------------------+-----------
   Total   |       887          1581  |       2468

Classified + if predicted Pr(D) >= .5
True D defined as con != 0
--------------------------------------------------
Sensitivity                     Pr( +| D)   27.28%
Specificity                     Pr( -|~D)   88.55%
Positive predictive value       Pr( D| +)   57.21%
Negative predictive value       Pr(~D| -)   68.46%
--------------------------------------------------
False + rate for true ~D        Pr( +|~D)   11.45%
False - rate for true D         Pr( -| D)   72.72%
False + rate for classified +   Pr(~D| +)   42.79%
False - rate for classified -   Pr( D| -)   31.54%
--------------------------------------------------
Correctly classified                        66.53%
--------------------------------------------------

.     
.     
.     
.     **** Line 2: innovative capability based on formal qualification and training, median
.     
.         sum bhsp,d

      Anteil Beschaeftigte mit Hochschulabschluss 2006
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                2466
25%            4              0       Sum of Wgt.        2466

50%           10                      Mean            14.5744
                        Largest       Std. Dev.      17.26172
75%         19.5            100
90%           35            100       Variance        297.967
95%           50            100       Skewness       2.382543
99%           88            100       Kurtosis        9.61724

.         egen pablo50 = pctile(bhsp), p(50)

.         sum wb_b, d

                            wb_b
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                2468
25%     .0024477              0       Sum of Wgt.        2468

50%     .0070609                      Mean           .0171099
                        Largest       Std. Dev.      .0798385
75%     .0144139           1.36
90%      .028609       1.780992       Variance       .0063742
95%     .0491459       1.803279       Skewness        19.1852
99%     .1481481       2.115541       Kurtosis       430.9415

.         egen train50 = pctile(wb_b), p(50)

.         gen innocap2 = 0

.         replace innocap2 = 1 if (bhsp > pablo50 & bhsp !=.) | (wb_b > train50 & wb_b !=.) 
(1633 real changes made)

. 
.         gen b1m0_s2=1 if innocap2==1 & profit==1
(2293 missing values generated)

.         replace b1m0_s2=0 if b1m0_s2==.
(2293 real changes made)

.         gen b1m1_s2=1 if innocap2==1 & profit>1 & profit<5
(1493 missing values generated)

.         replace b1m1_s2=0 if b1m1_s2==.
(1493 real changes made)

.         gen b1m2_s2=1 if innocap2==1 & profit>=5 & profit!=8
(1985 missing values generated)

.         replace b1m2_s2=0 if b1m2_s2==.
(1985 real changes made)

.         gen b0m0_s2=1 if innocap2==0 & profit==1
(2371 missing values generated)

.         replace b0m0_s2=0 if b0m0_s2==.
(2371 real changes made)

.         gen b0m1_s2=1 if innocap2==0 & profit>1 & profit<5
(1938 missing values generated)

.         replace b0m1_s2=0 if b0m1_s2==.
(1938 real changes made)

.         gen b0m2_s2=1 if innocap2==0 & profit>=5 & profit!=8
(2260 missing values generated)

.         replace b0m2_s2=0 if b0m2_s2==.
(2260 real changes made)

.     
.         global BMs2 "b1m0_s2 b1m1_s2 b1m2_s2 b0m0_s2 b0m1_s2"

.     
.         qui probit con $BMs2 lnsize lnage lnplc east $respond comp famcom group kapint rating $id, robust cluster(cls)

.         fitstat

Measures of Fit for probit of con

Log-Lik Intercept Only:    -1611.783     Log-Lik Full Model:        -1494.874
D(2435):                    2989.748     LR(28):                      233.818
                                         Prob > LR:                     0.000
McFadden's R2:                 0.073     McFadden's Adj R2:             0.052
Maximum Likelihood R2:         0.090     Cragg & Uhler's R2:            0.124
McKelvey and Zavoina's R2:     0.161     Efron's R2:                    0.087
Variance of y*:                1.191     Variance of error:             1.000
Count R2:                      0.657     Adj Count R2:                  0.045
AIC:                           1.238     AIC*n:                      3055.748
BIC:                      -16030.435     BIC':                        -15.105

. 
.         dprobit con $BMs2 lnsize lnage lnplc east $respond comp famcom group kapint rating $id, robust cluster(cls)

Iteration 0:   log pseudolikelihood = -1611.7826
Iteration 1:   log pseudolikelihood = -1496.8987
Iteration 2:   log pseudolikelihood = -1494.9425
Iteration 3:   log pseudolikelihood =  -1494.874
Iteration 4:   log pseudolikelihood = -1494.8738

Probit regression, reporting marginal effects           Number of obs =   2468
                                                        Wald chi2(28) =      .
                                                        Prob > chi2   =      .
Log pseudolikelihood = -1494.8738                       Pseudo R2     = 0.0725

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
         |               Robust
     con |      dF/dx   Std. Err.      z    P>|z|     x-bar  [    95% C.I.   ]
---------+--------------------------------------------------------------------
 b1m0_s2*|   .1857707   .0546179     3.47   0.001   .070908   .078722   .29282
 b1m1_s2*|   .1011036   .0412306     2.45   0.014   .395057   .020293  .181914
 b1m2_s2*|   .1683549   .0476651     3.58   0.000   .195705   .074933  .261777
 b0m0_s2*|   .1023911   .0616214     1.71   0.088   .039303  -.018385  .223167
 b0m1_s2*|  -.0002584   .0292014    -0.01   0.993   .214749  -.057492  .056975
  lnsize |   .0441946   .0057008     7.67   0.000    3.9526   .033021  .055368
   lnage |   .0020472   .0137357     0.15   0.881   2.81865  -.024874  .028969
   lnplc |  -.0148804   .0126147    -1.18   0.237   2.47066  -.039605  .009844
    east*|  -.0341115   .0186359    -1.80   0.071   .306726  -.070637  .002414
 finance*|  -.0983079   .0286582    -3.25   0.001   .156807  -.154477 -.042139
      RD*|   .0468831   .0437917     1.09   0.276   .062399  -.038947  .132713
 kaufman*|  -.0683401   .0372491    -1.76   0.079   .076175  -.141347  .004667
   other*|  -.0330147   .0381792    -0.85   0.396   .063209  -.107845  .041815
    comp |   .0000532   .0001408     0.38   0.705   43.6851  -.000223  .000329
  famcom*|   .0340091   .0182048     1.85   0.064   .665721  -.001672   .06969
   group*|  -.0109408   .0308805    -0.35   0.724   .330632  -.071465  .049584
  kapint |  -.1273318   .0559545    -2.27   0.023   .088745  -.237001 -.017663
  rating |  -.0167859   .0149227    -1.12   0.261   2.27288  -.046034  .012462
    br_2*|   .1324062   .1012255     1.34   0.180   .069692  -.065992  .330805
    br_3*|   .1858339    .115156     1.64   0.100   .045786  -.039868  .411535
    br_4*|   .1273704   .1013285     1.29   0.198   .101297   -.07123  .325971
    br_5*|   .2380735   .1032283     2.31   0.021    .06564    .03575  .440397
    br_6*|   .1987685   .1051208     1.92   0.055   .057942  -.007264  .404802
    br_7*|   .2536099   .0999768     2.52   0.012   .047812   .057659  .449561
    br_8*|    .214134   .0996747     2.17   0.030   .126418   .018775  .409493
    br_9*|   .2212393   .1114363     2.01   0.045   .107374   .002828   .43965
   br_10*|    .291634   .1032123     2.76   0.006   .075365   .089342  .493926
   br_11*|   .3247304   .0974098     3.19   0.001   .078201   .133811   .51565
   br_12*|   .2635602   .1124027     2.32   0.021   .040519   .043255  .483865
   br_13*|   .1940746   .1062899     1.86   0.064   .049028   -.01425  .402399
   br_14*|   .0197315   .1124233     0.18   0.860   .057536  -.200614  .240077
   br_15*|  -.0173426   .1013185    -0.17   0.865   .045786  -.215923  .181238
---------+--------------------------------------------------------------------
  obs. P |   .3594003
 pred. P |   .3453707  (at x-bar)
------------------------------------------------------------------------------
(*) dF/dx is for discrete change of dummy variable from 0 to 1
    z and P>|z| correspond to the test of the underlying coefficient being 0

.             
.     ** Test H1: (1) beta1 (b1m0) > beta4 (b0m0); (2) beta2 (b1m1) > beta5 (b0m1); (3) beta3 (b1m2) > 0
.     ** compare pairwise hypotheses with adjusted significance level alpha/3 (Bonferroni)
.     sca bonfi10=0.1/3

.     sca bonfi5=0.05/3

.     sca bonfi1=0.01/3

.     sca di bonfi10 bonfi5 bonfi1
   bonfi10 =  .03333333
    bonfi5 =  .01666667
    bonfi1 =  .00333333

. 
.     sca sidak10=1-(1-0.1)^(1/3)

.     sca sidak5=1-(1-0.05)^(1/3)

.     sca sidak1=1-(1-0.01)^(1/3)

.     sca di sidak10 sidak5 sidak1
   sidak10 =  .03451062
    sidak5 =  .01695243
    sidak1 =  .00334451

. 
.     ** figures " 1 4" just indicate which coefficients are tested, no other meaning
.     uetest  b0m0_s2 b1m0_s2  1 4  

 ( 1)  - b1m0_s2 + b0m0_s2 = 0

           chi2(  1) =    1.29
         Prob > chi2 =    0.2567

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .1283704           0   .1283704   .1283704

.     uetest  b0m1_s2 b1m1_s2  2 5

 ( 1)  - b1m1_s2 + b0m1_s2 = 0

           chi2(  1) =    6.20
         Prob > chi2 =    0.0127

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0063699           0   .0063699   .0063699

.     * two-sided test => one-sided test: pvalue/2 
.     test b1m2_s2=0

 ( 1)  b1m2_s2 = 0

           chi2(  1) =   12.81
         Prob > chi2 =    0.0003

.     
.           
.     ** Test H2a: (1) beta1 (b1m0) > beta2 (b1m1); (2) beta1 (b1m0) > beta3 (b1m2); (3) beta2 (b1m1) > beta3 (b1m2)
.     uetest  b1m1_s2 b1m0_s2 1 2  

 ( 1)  - b1m0_s2 + b1m1_s2 = 0

           chi2(  1) =    3.40
         Prob > chi2 =    0.0652

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0326015           0   .0326015   .0326015

.     uetest  b1m2_s2 b1m0_s2 1 3

 ( 1)  - b1m0_s2 + b1m2_s2 = 0

           chi2(  1) =    0.11
         Prob > chi2 =    0.7378

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .3688788           0   .3688788   .3688788

.     uetest  b1m2_s2 b1m1_s2 2 3

 ( 1)  - b1m1_s2 + b1m2_s2 = 0

           chi2(  1) =    5.46
         Prob > chi2 =    0.0195

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .9902644           0   .9902644   .9902644

.     
.     testparm br_*

 ( 1)  br_2 = 0
 ( 2)  br_3 = 0
 ( 3)  br_4 = 0
 ( 4)  br_5 = 0
 ( 5)  br_6 = 0
 ( 6)  br_7 = 0
 ( 7)  br_8 = 0
 ( 8)  br_9 = 0
 ( 9)  br_10 = 0
 (10)  br_11 = 0
 (11)  br_12 = 0
 (12)  br_13 = 0
 (13)  br_14 = 0
 (14)  br_15 = 0

           chi2( 14) = 1496.25
         Prob > chi2 =    0.0000

.     lstat

Probit model for con

              -------- True --------
Classified |         D            ~D  |      Total
-----------+--------------------------+-----------
     +     |       232           192  |        424
     -     |       655          1389  |       2044
-----------+--------------------------+-----------
   Total   |       887          1581  |       2468

Classified + if predicted Pr(D) >= .5
True D defined as con != 0
--------------------------------------------------
Sensitivity                     Pr( +| D)   26.16%
Specificity                     Pr( -|~D)   87.86%
Positive predictive value       Pr( D| +)   54.72%
Negative predictive value       Pr(~D| -)   67.95%
--------------------------------------------------
False + rate for true ~D        Pr( +|~D)   12.14%
False - rate for true D         Pr( -| D)   73.84%
False + rate for classified +   Pr(~D| +)   45.28%
False - rate for classified -   Pr( D| -)   32.05%
--------------------------------------------------
Correctly classified                        65.68%
--------------------------------------------------

.     test famcom group kapint rating 

 ( 1)  famcom = 0
 ( 2)  group = 0
 ( 3)  kapint = 0
 ( 4)  rating = 0

           chi2(  4) =   10.23
         Prob > chi2 =    0.0367

. 
. 
.     **** Line 3: innovative capability based on formal qualification and training, 90pctile
.     
.         sum bhsp,d

      Anteil Beschaeftigte mit Hochschulabschluss 2006
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                2466
25%            4              0       Sum of Wgt.        2466

50%           10                      Mean            14.5744
                        Largest       Std. Dev.      17.26172
75%         19.5            100
90%           35            100       Variance        297.967
95%           50            100       Skewness       2.382543
99%           88            100       Kurtosis        9.61724

.         egen pablo90 = pctile(bhsp), p(90)

.         sum wb_b, d

                            wb_b
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                2468
25%     .0024477              0       Sum of Wgt.        2468

50%     .0070609                      Mean           .0171099
                        Largest       Std. Dev.      .0798385
75%     .0144139           1.36
90%      .028609       1.780992       Variance       .0063742
95%     .0491459       1.803279       Skewness        19.1852
99%     .1481481       2.115541       Kurtosis       430.9415

.         egen train90 = pctile(wb_b), p(90)

.         gen innocap3 = 0

.         replace innocap3 = 1 if (bhsp > pablo90 & bhsp !=.) | (wb_b > train90 & wb_b !=.) 
(433 real changes made)

. 
.         gen b1m0_s3=1 if innocap3==1 & profit==1
(2409 missing values generated)

.         replace b1m0_s3=0 if b1m0_s3==.
(2409 real changes made)

.         gen b1m1_s3=1 if innocap3==1 & profit>1 & profit<5
(2252 missing values generated)

.         replace b1m1_s3=0 if b1m1_s3==.
(2252 real changes made)

.         gen b1m2_s3=1 if innocap3==1 & profit>=5 & profit!=8
(2310 missing values generated)

.         replace b1m2_s3=0 if b1m2_s3==.
(2310 real changes made)

.         gen b0m0_s3=1 if innocap3==0 & profit==1
(2255 missing values generated)

.         replace b0m0_s3=0 if b0m0_s3==.
(2255 real changes made)

.         gen b0m1_s3=1 if innocap3==0 & profit>1 & profit<5
(1179 missing values generated)

.         replace b0m1_s3=0 if b0m1_s3==.
(1179 real changes made)

.         gen b0m2_s3=1 if innocap3==0 & profit>=5 & profit!=8
(1935 missing values generated)

.         replace b0m2_s3=0 if b0m2_s3==.
(1935 real changes made)

.     
.         global BMs3 "b1m0_s3 b1m1_s3 b1m2_s3 b0m0_s3 b0m1_s3"

.     
.         qui probit con $BMs3 lnsize lnage lnplc east $respond comp famcom group kapint rating $id, robust cluster(cls)

.         fitstat

Measures of Fit for probit of con

Log-Lik Intercept Only:    -1611.783     Log-Lik Full Model:        -1493.552
D(2435):                    2987.105     LR(28):                      236.461
                                         Prob > LR:                     0.000
McFadden's R2:                 0.073     McFadden's Adj R2:             0.053
Maximum Likelihood R2:         0.091     Cragg & Uhler's R2:            0.125
McKelvey and Zavoina's R2:     0.160     Efron's R2:                    0.090
Variance of y*:                1.190     Variance of error:             1.000
Count R2:                      0.654     Adj Count R2:                  0.038
AIC:                           1.237     AIC*n:                      3053.105
BIC:                      -16033.078     BIC':                        -17.748

. 
.         dprobit con $BMs3 lnsize lnage lnplc east $respond comp famcom group kapint rating $id, robust cluster(cls)

Iteration 0:   log pseudolikelihood = -1611.7826
Iteration 1:   log pseudolikelihood = -1495.4036
Iteration 2:   log pseudolikelihood =  -1493.608
Iteration 3:   log pseudolikelihood = -1493.5524
Iteration 4:   log pseudolikelihood = -1493.5523

Probit regression, reporting marginal effects           Number of obs =   2468
                                                        Wald chi2(28) =      .
                                                        Prob > chi2   =      .
Log pseudolikelihood = -1493.5523                       Pseudo R2     = 0.0734

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
         |               Robust
     con |      dF/dx   Std. Err.      z    P>|z|     x-bar  [    95% C.I.   ]
---------+--------------------------------------------------------------------
 b1m0_s3*|   .2632224   .0648132     4.01   0.000   .023906   .136191  .390254
 b1m1_s3*|   .1021501   .0296167     3.52   0.000    .08752   .044102  .160198
 b1m2_s3*|   .1488149   .0556843     2.73   0.006   .064019   .039676  .257954
 b0m0_s3*|   .0182786   .0438443     0.42   0.675   .086305  -.067655  .104212
 b0m1_s3*|  -.0373678   .0215328    -1.74   0.082   .522285  -.079571  .004836
  lnsize |   .0509086   .0063373     7.98   0.000    3.9526   .038488   .06333
   lnage |   .0061397   .0141149     0.44   0.663   2.81865  -.021525  .033804
   lnplc |  -.0141668   .0132953    -1.07   0.286   2.47066  -.040225  .011892
    east*|  -.0255395   .0199656    -1.27   0.205   .306726  -.064671  .013592
 finance*|  -.1060436   .0269767    -3.71   0.000   .156807  -.158917  -.05317
      RD*|   .0507714   .0422584     1.22   0.221   .062399  -.032053  .133596
 kaufman*|   -.073977    .038204    -1.85   0.065   .076175  -.148855  .000901
   other*|  -.0472136   .0390526    -1.18   0.239   .063209  -.123755  .029328
    comp |   .0000306   .0001322     0.23   0.817   43.6851  -.000229   .00029
  famcom*|   .0368414   .0188013     1.94   0.052   .665721  -8.5e-06  .073691
   group*|  -.0101603     .03129    -0.32   0.746   .330632  -.071488  .051167
  kapint |  -.1184326   .0542898    -2.17   0.030   .088745  -.224839 -.012027
  rating |  -.0139012   .0149686    -0.93   0.353   2.27288  -.043239  .015437
    br_2*|    .131032   .1109745     1.21   0.226   .069692  -.086474  .348538
    br_3*|    .184814   .1227269     1.53   0.125   .045786  -.055726  .425354
    br_4*|   .1284567   .1096279     1.20   0.231   .101297   -.08641  .343323
    br_5*|    .247851   .1112895     2.22   0.026    .06564   .029727  .465974
    br_6*|   .2104951   .1165695     1.83   0.068   .057942  -.017977  .438967
    br_7*|   .2618925   .1087097     2.38   0.017   .047812   .048825   .47496
    br_8*|   .2215429    .109145     2.05   0.041   .126418   .007623  .435463
    br_9*|   .2334785   .1155722     2.03   0.042   .107374   .006961  .459996
   br_10*|   .2995443   .1113345     2.61   0.009   .075365   .081333  .517756
   br_11*|   .3090828    .106526     2.80   0.005   .078201   .100296   .51787
   br_12*|   .2631456   .1220925     2.13   0.033   .040519   .023849  .502443
   br_13*|   .2085789   .1131557     1.86   0.062   .049028  -.013202   .43036
   br_14*|   .0422068   .1229202     0.35   0.727   .057536  -.198712  .283126
   br_15*|   -.017843   .1099163    -0.16   0.872   .045786  -.233275  .197589
---------+--------------------------------------------------------------------
  obs. P |   .3594003
 pred. P |   .3461159  (at x-bar)
------------------------------------------------------------------------------
(*) dF/dx is for discrete change of dummy variable from 0 to 1
    z and P>|z| correspond to the test of the underlying coefficient being 0

.             
.     ** Test H1: (1) beta1 (b1m0) > beta4 (b0m0); (2) beta2 (b1m1) > beta5 (b0m1); (3) beta3 (b1m2) > 0
.     ** compare pairwise hypotheses with adjusted significance level alpha/3 (Bonferroni)
.     sca bonfi10=0.1/3

.     sca bonfi5=0.05/3

.     sca bonfi1=0.01/3

.     sca di bonfi10 bonfi5 bonfi1
   bonfi10 =  .03333333
    bonfi5 =  .01666667
    bonfi1 =  .00333333

. 
.     sca sidak10=1-(1-0.1)^(1/3)

.     sca sidak5=1-(1-0.05)^(1/3)

.     sca sidak1=1-(1-0.01)^(1/3)

.     sca di sidak10 sidak5 sidak1
   sidak10 =  .03451062
    sidak5 =  .01695243
    sidak1 =  .00334451

. 
.     ** figures " 1 4" just indicate which coefficients are tested, no other meaning
.     uetest  b0m0_s3 b1m0_s3  1 4  

 ( 1)  - b1m0_s3 + b0m0_s3 = 0

           chi2(  1) =    8.65
         Prob > chi2 =    0.0033

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0016396           0   .0016396   .0016396

.     uetest  b0m1_s3 b1m1_s3  2 5

 ( 1)  - b1m1_s3 + b0m1_s3 = 0

           chi2(  1) =   30.60
         Prob > chi2 =    0.0000

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    1.58e-08           0   1.58e-08   1.58e-08

.     * two-sided test => one-sided test: pvalue/2 
.     test b1m2_s3=0

 ( 1)  b1m2_s3 = 0

           chi2(  1) =    7.48
         Prob > chi2 =    0.0062

.     
.           
.     ** Test H2a: (1) beta1 (b1m0) > beta2 (b1m1); (2) beta1 (b1m0) > beta3 (b1m2); (3) beta2 (b1m1) > beta3 (b1m2)
.     uetest  b1m1_s3 b1m0_s3 1 2  

 ( 1)  - b1m0_s3 + b1m1_s3 = 0

           chi2(  1) =    5.13
         Prob > chi2 =    0.0235

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0117471           0   .0117471   .0117471

.     uetest  b1m2_s3 b1m0_s3 1 3

 ( 1)  - b1m0_s3 + b1m2_s3 = 0

           chi2(  1) =    2.33
         Prob > chi2 =    0.1272

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0636167           0   .0636167   .0636167

.     uetest  b1m2_s3 b1m1_s3 2 3

 ( 1)  - b1m1_s3 + b1m2_s3 = 0

           chi2(  1) =    0.83
         Prob > chi2 =    0.3615

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .8192412           0   .8192412   .8192412

.     
.     testparm br_*

 ( 1)  br_2 = 0
 ( 2)  br_3 = 0
 ( 3)  br_4 = 0
 ( 4)  br_5 = 0
 ( 5)  br_6 = 0
 ( 6)  br_7 = 0
 ( 7)  br_8 = 0
 ( 8)  br_9 = 0
 ( 9)  br_10 = 0
 (10)  br_11 = 0
 (11)  br_12 = 0
 (12)  br_13 = 0
 (13)  br_14 = 0
 (14)  br_15 = 0

           chi2( 14) =  320.30
         Prob > chi2 =    0.0000

.     test famcom group kapint rating 

 ( 1)  famcom = 0
 ( 2)  group = 0
 ( 3)  kapint = 0
 ( 4)  rating = 0

           chi2(  4) =    9.13
         Prob > chi2 =    0.0578

.     lstat

Probit model for con

              -------- True --------
Classified |         D            ~D  |      Total
-----------+--------------------------+-----------
     +     |       223           189  |        412
     -     |       664          1392  |       2056
-----------+--------------------------+-----------
   Total   |       887          1581  |       2468

Classified + if predicted Pr(D) >= .5
True D defined as con != 0
--------------------------------------------------
Sensitivity                     Pr( +| D)   25.14%
Specificity                     Pr( -|~D)   88.05%
Positive predictive value       Pr( D| +)   54.13%
Negative predictive value       Pr(~D| -)   67.70%
--------------------------------------------------
False + rate for true ~D        Pr( +|~D)   11.95%
False - rate for true D         Pr( -| D)   74.86%
False + rate for classified +   Pr(~D| +)   45.87%
False - rate for classified -   Pr( D| -)   32.30%
--------------------------------------------------
Correctly classified                        65.44%
--------------------------------------------------

.     
. 
.         egen ICB = pctile(bhsp), p(80) by(nace2) 

.         egen ICB_wb = pctile(wb_b), p(80) by(nace2)   

.           
.         gen innocap4 = 0  

.         replace innocap4 = 1 if (bhsp > ICB & bhsp !=.) | (wb_b > ICB_wb & wb_b !=.) 
(798 real changes made)

.   
.         gen b1m0_s4=1 if innocap4==1 & profit==1
(2385 missing values generated)

.         replace b1m0_s4=0 if b1m0_s4==.
(2385 real changes made)

.         gen b1m1_s4=1 if innocap4==1 & profit>1 & profit<5
(2003 missing values generated)

.         replace b1m1_s4=0 if b1m1_s4==.
(2003 real changes made)

.         gen b1m2_s4=1 if innocap4==1 & profit>=5 & profit!=8
(2218 missing values generated)

.         replace b1m2_s4=0 if b1m2_s4==.
(2218 real changes made)

.         gen b0m0_s4=1 if innocap4==0 & profit==1
(2279 missing values generated)

.         replace b0m0_s4=0 if b0m0_s4==.
(2279 real changes made)

.         gen b0m1_s4=1 if innocap4==0 & profit>1 & profit<5
(1428 missing values generated)

.         replace b0m1_s4=0 if b0m1_s4==.
(1428 real changes made)

.         gen b0m2_s4=1 if innocap4==0 & profit>=5 & profit!=8
(2027 missing values generated)

.         replace b0m2_s4=0 if b0m2_s4==.
(2027 real changes made)

.     
.         global BMs4 "b1m0_s4 b1m1_s4 b1m2_s4 b0m0_s4 b0m1_s4"

.     
.         qui probit con $BMs4 lnsize lnage lnplc east $respond comp famcom group kapint rating $id, robust cluster(cls)

.         fitstat

Measures of Fit for probit of con

Log-Lik Intercept Only:    -1611.783     Log-Lik Full Model:        -1497.237
D(2435):                    2994.474     LR(28):                      229.091
                                         Prob > LR:                     0.000
McFadden's R2:                 0.071     McFadden's Adj R2:             0.051
Maximum Likelihood R2:         0.089     Cragg & Uhler's R2:            0.122
McKelvey and Zavoina's R2:     0.156     Efron's R2:                    0.086
Variance of y*:                1.185     Variance of error:             1.000
Count R2:                      0.652     Adj Count R2:                  0.033
AIC:                           1.240     AIC*n:                      3060.474
BIC:                      -16025.708     BIC':                        -10.378

. 
.         dprobit con $BMs4 lnsize lnage lnplc east $respond comp famcom group kapint rating $id, robust cluster(cls)

Iteration 0:   log pseudolikelihood = -1611.7826
Iteration 1:   log pseudolikelihood = -1499.0391
Iteration 2:   log pseudolikelihood = -1497.2972
Iteration 3:   log pseudolikelihood = -1497.2374
Iteration 4:   log pseudolikelihood = -1497.2372

Probit regression, reporting marginal effects           Number of obs =   2468
                                                        Wald chi2(28) =      .
                                                        Prob > chi2   =      .
Log pseudolikelihood = -1497.2372                       Pseudo R2     = 0.0711

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
         |               Robust
     con |      dF/dx   Std. Err.      z    P>|z|     x-bar  [    95% C.I.   ]
---------+--------------------------------------------------------------------
 b1m0_s4*|   .1661472   .0566629     3.01   0.003    .03363    .05509  .277204
 b1m1_s4*|   .0615967   .0297442     2.10   0.036   .188412   .003299  .119894
 b1m2_s4*|   .1198373    .043661     2.80   0.005   .101297   .034263  .205411
 b0m0_s4*|    .045378   .0468917     0.98   0.326    .07658  -.046528  .137284
 b0m1_s4*|  -.0331793    .023691    -1.40   0.162   .421394  -.079613  .013254
  lnsize |    .048164   .0063067     7.59   0.000    3.9526   .035803  .060525
   lnage |    .003851   .0136015     0.28   0.777   2.81865  -.022807   .03051
   lnplc |  -.0127968   .0129013    -0.99   0.320   2.47066  -.038083  .012489
    east*|  -.0294457   .0195289    -1.49   0.136   .306726  -.067722   .00883
 finance*|   -.107302   .0274977    -3.66   0.000   .156807  -.161196 -.053408
      RD*|   .0433756   .0435719     1.01   0.312   .062399  -.042024  .128775
 kaufman*|  -.0730932   .0373483    -1.87   0.062   .076175  -.146295  .000108
   other*|  -.0439218   .0391958    -1.09   0.274   .063209  -.120744  .032901
    comp |   .0000665   .0001284     0.52   0.604   43.6851  -.000185  .000318
  famcom*|   .0343499   .0186736     1.82   0.068   .665721   -.00225   .07095
   group*|  -.0105351   .0303613    -0.35   0.729   .330632  -.070042  .048972
  kapint |  -.1180091   .0563972    -2.09   0.037   .088745  -.228546 -.007473
  rating |  -.0162711   .0153626    -1.06   0.290   2.27288  -.046381  .013839
    br_2*|   .1365117   .1045768     1.34   0.181   .069692  -.068455  .341479
    br_3*|   .1799556   .1191667     1.54   0.124   .045786  -.053607  .413518
    br_4*|   .1323821   .1038594     1.30   0.192   .101297  -.071179  .335943
    br_5*|   .2741731   .1035862     2.60   0.009    .06564   .071148  .477198
    br_6*|   .2181198   .1096573     2.01   0.045   .057942   .003196  .433044
    br_7*|   .2673679   .1021449     2.58   0.010   .047812   .067168  .467568
    br_8*|   .2247084   .1025716     2.21   0.027   .126418   .023672  .425745
    br_9*|   .2532771   .1091922     2.32   0.020   .107374   .039264   .46729
   br_10*|   .3280896   .1028168     3.04   0.002   .075365   .126572  .529607
   br_11*|   .3718254   .0945685     3.62   0.000   .078201   .186475  .557176
   br_12*|   .2736096   .1150567     2.33   0.020   .040519   .048103  .499117
   br_13*|   .2064002   .1085916     1.92   0.054   .049028  -.006435  .419236
   br_14*|   .0539911   .1167866     0.47   0.638   .057536  -.174906  .282889
   br_15*|  -.0085806   .1050016    -0.08   0.935   .045786   -.21438  .197219
---------+--------------------------------------------------------------------
  obs. P |   .3594003
 pred. P |   .3459522  (at x-bar)
------------------------------------------------------------------------------
(*) dF/dx is for discrete change of dummy variable from 0 to 1
    z and P>|z| correspond to the test of the underlying coefficient being 0

.   
.     ** Test H1: (1) beta1 (b1m0) > beta4 (b0m0); (2) beta2 (b1m1) > beta5 (b0m1); (3) beta3 (b1m2) > 0
.     ** compare pairwise hypotheses with adjusted significance level alpha/3 (Bonferroni)
.     sca bonfi10=0.1/3

.     sca bonfi5=0.05/3

.     sca bonfi1=0.01/3

.     sca di bonfi10 bonfi5 bonfi1
   bonfi10 =  .03333333
    bonfi5 =  .01666667
    bonfi1 =  .00333333

. 
.     sca sidak10=1-(1-0.1)^(1/3)

.     sca sidak5=1-(1-0.05)^(1/3)

.     sca sidak1=1-(1-0.01)^(1/3)

.     sca di sidak10 sidak5 sidak1
   sidak10 =  .03451062
    sidak5 =  .01695243
    sidak1 =  .00334451

. 
.     ** figures " 1 4" just indicate which coefficients are tested, no other meaning
.     uetest  b0m0_s4 b1m0_s4  1 4  

 ( 1)  - b1m0_s4 + b0m0_s4 = 0

           chi2(  1) =    2.88
         Prob > chi2 =    0.0897

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468     .044872           0    .044872    .044872

.     uetest  b0m1_s4 b1m1_s4  2 5

 ( 1)  - b1m1_s4 + b0m1_s4 = 0

           chi2(  1) =   14.97
         Prob > chi2 =    0.0001

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0000547           0   .0000547   .0000547

.     * two-sided test => one-sided test: pvalue/2 
.     test b1m2_s4=0

 ( 1)  b1m2_s4 = 0

           chi2(  1) =    7.87
         Prob > chi2 =    0.0050

.     
.           
.     ** Test H2a: (1) beta1 (b1m0) > beta2 (b1m1); (2) beta1 (b1m0) > beta3 (b1m2); (3) beta2 (b1m1) > beta3 (b1m2)
.     uetest  b1m1_s4 b1m0_s4 1 2  

 ( 1)  - b1m0_s4 + b1m1_s4 = 0

           chi2(  1) =    3.37
         Prob > chi2 =    0.0664

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0331892           0   .0331892   .0331892

.     uetest  b1m2_s4 b1m0_s4 1 3

 ( 1)  - b1m0_s4 + b1m2_s4 = 0

           chi2(  1) =    0.68
         Prob > chi2 =    0.4101

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .2050414           0   .2050414   .2050414

.     uetest  b1m2_s4 b1m1_s4 2 3

 ( 1)  - b1m1_s4 + b1m2_s4 = 0

           chi2(  1) =    1.79
         Prob > chi2 =    0.1808

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .9096084           0   .9096084   .9096084

.     
.     testparm br_*

 ( 1)  br_2 = 0
 ( 2)  br_3 = 0
 ( 3)  br_4 = 0
 ( 4)  br_5 = 0
 ( 5)  br_6 = 0
 ( 6)  br_7 = 0
 ( 7)  br_8 = 0
 ( 8)  br_9 = 0
 ( 9)  br_10 = 0
 (10)  br_11 = 0
 (11)  br_12 = 0
 (12)  br_13 = 0
 (13)  br_14 = 0
 (14)  br_15 = 0

           chi2( 14) =  721.38
         Prob > chi2 =    0.0000

.     test famcom group kapint rating 

 ( 1)  famcom = 0
 ( 2)  group = 0
 ( 3)  kapint = 0
 ( 4)  rating = 0

           chi2(  4) =    8.98
         Prob > chi2 =    0.0615

.     lstat

Probit model for con

              -------- True --------
Classified |         D            ~D  |      Total
-----------+--------------------------+-----------
     +     |       224           195  |        419
     -     |       663          1386  |       2049
-----------+--------------------------+-----------
   Total   |       887          1581  |       2468

Classified + if predicted Pr(D) >= .5
True D defined as con != 0
--------------------------------------------------
Sensitivity                     Pr( +| D)   25.25%
Specificity                     Pr( -|~D)   87.67%
Positive predictive value       Pr( D| +)   53.46%
Negative predictive value       Pr(~D| -)   67.64%
--------------------------------------------------
False + rate for true ~D        Pr( +|~D)   12.33%
False - rate for true D         Pr( -| D)   74.75%
False + rate for classified +   Pr(~D| +)   46.54%
False - rate for classified -   Pr( D| -)   32.36%
--------------------------------------------------
Correctly classified                        65.24%
--------------------------------------------------

.  
. 
. 
. 
.     **** Line 5: innovative capability based on formal qualification, 80pctile
.     
.         egen pablo80 = pctile(bhsp), p(80)

.         gen innocap5 = 0

.         replace innocap5 = 1 if (bhsp > pablo80 & bhsp !=.)  
(473 real changes made)

. 
.         gen b1m0_s5=1 if innocap5==1 & profit==1
(2397 missing values generated)

.         replace b1m0_s5=0 if b1m0_s5==.
(2397 real changes made)

.         gen b1m1_s5=1 if innocap5==1 & profit>1 & profit<5
(2225 missing values generated)

.         replace b1m1_s5=0 if b1m1_s5==.
(2225 real changes made)

.         gen b1m2_s5=1 if innocap5==1 & profit>=5 & profit!=8
(2309 missing values generated)

.         replace b1m2_s5=0 if b1m2_s5==.
(2309 real changes made)

.         gen b0m0_s5=1 if innocap5==0 & profit==1
(2267 missing values generated)

.         replace b0m0_s5=0 if b0m0_s5==.
(2267 real changes made)

.         gen b0m1_s5=1 if innocap5==0 & profit>1 & profit<5
(1206 missing values generated)

.         replace b0m1_s5=0 if b0m1_s5==.
(1206 real changes made)

.         gen b0m2_s5=1 if innocap5==0 & profit>=5 & profit!=8
(1936 missing values generated)

.         replace b0m2_s5=0 if b0m2_s5==.
(1936 real changes made)

.     
.         global BMs5 "b1m0_s5 b1m1_s5 b1m2_s5 b0m0_s5 b0m1_s5"

.     
.         qui probit con $BMs5 lnsize lnage lnplc east $respond comp famcom group kapint rating $id, robust cluster(cls)

.         fitstat

Measures of Fit for probit of con

Log-Lik Intercept Only:    -1611.783     Log-Lik Full Model:        -1493.462
D(2435):                    2986.925     LR(28):                      236.641
                                         Prob > LR:                     0.000
McFadden's R2:                 0.073     McFadden's Adj R2:             0.053
Maximum Likelihood R2:         0.091     Cragg & Uhler's R2:            0.125
McKelvey and Zavoina's R2:     0.160     Efron's R2:                    0.090
Variance of y*:                1.191     Variance of error:             1.000
Count R2:                      0.658     Adj Count R2:                  0.047
AIC:                           1.237     AIC*n:                      3052.925
BIC:                      -16033.258     BIC':                        -17.928

. 
.         dprobit con $BMs5 lnsize lnage lnplc east $respond comp famcom group kapint rating $id, robust cluster(cls)

Iteration 0:   log pseudolikelihood = -1611.7826
Iteration 1:   log pseudolikelihood = -1495.3868
Iteration 2:   log pseudolikelihood = -1493.5234
Iteration 3:   log pseudolikelihood = -1493.4624
Iteration 4:   log pseudolikelihood = -1493.4623

Probit regression, reporting marginal effects           Number of obs =   2468
                                                        Wald chi2(28) =      .
                                                        Prob > chi2   =      .
Log pseudolikelihood = -1493.4623                       Pseudo R2     = 0.0734

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
         |               Robust
     con |      dF/dx   Std. Err.      z    P>|z|     x-bar  [    95% C.I.   ]
---------+--------------------------------------------------------------------
 b1m0_s5*|   .2459834    .077711     3.15   0.002   .028768   .093673  .398294
 b1m1_s5*|   .0866681   .0370217     2.40   0.016    .09846   .014107  .159229
 b1m2_s5*|   .1878736   .0520688     3.67   0.000   .064425   .085821  .289927
 b0m0_s5*|    .022486   .0450139     0.50   0.614   .081442   -.06574  .110712
 b0m1_s5*|  -.0277948   .0204089    -1.36   0.172   .511345  -.067796  .012206
  lnsize |   .0491532   .0067343     7.25   0.000    3.9526   .035954  .062352
   lnage |   .0040415   .0137885     0.29   0.769   2.81865  -.022983  .031066
   lnplc |   -.014775   .0130212    -1.14   0.256   2.47066  -.040296  .010746
    east*|  -.0331736   .0193089    -1.70   0.090   .306726  -.071018  .004671
 finance*|  -.1131154   .0266507    -3.97   0.000   .156807   -.16535 -.060881
      RD*|   .0402694   .0411607     0.99   0.321   .062399  -.040404  .120943
 kaufman*|  -.0780266   .0386086    -1.92   0.055   .076175  -.153698 -.002355
   other*|  -.0423033   .0396239    -1.04   0.297   .063209  -.119965  .035358
    comp |   .0000177   .0001355     0.13   0.896   43.6851  -.000248  .000283
  famcom*|   .0412921   .0188487     2.17   0.030   .665721   .004349  .078235
   group*|  -.0121525   .0310399    -0.39   0.696   .330632   -.07299  .048685
  kapint |  -.1248803   .0546106    -2.28   0.023   .088745  -.231915 -.017845
  rating |  -.0173292   .0145193    -1.19   0.233   2.27288  -.045786  .011128
    br_2*|    .143681    .104899     1.40   0.161   .069692  -.061917  .349279
    br_3*|   .1771136   .1190388     1.52   0.129   .045786  -.056198  .410425
    br_4*|   .1233094    .103793     1.22   0.224   .101297  -.080121   .32674
    br_5*|    .236345   .1069219     2.21   0.027    .06564   .026782  .445908
    br_6*|   .2156972    .109337     1.99   0.046   .057942   .001401  .429994
    br_7*|   .2730357   .1021027     2.63   0.009   .047812   .072918  .473153
    br_8*|   .2277796   .1029675     2.23   0.026   .126418   .025967  .429592
    br_9*|   .2347537   .1111917     2.12   0.034   .107374   .016822  .452685
   br_10*|   .2945171   .1069373     2.68   0.007   .075365   .084924   .50411
   br_11*|   .3027711    .102551     2.86   0.004   .078201   .101775  .503767
   br_12*|   .2719005   .1154797     2.31   0.021   .040519   .045564  .498237
   br_13*|   .2041637   .1087452     1.90   0.057   .049028  -.008973    .4173
   br_14*|    .051325   .1162685     0.45   0.653   .057536  -.176557  .279207
   br_15*|  -.0148041    .104074    -0.14   0.888   .045786  -.218785  .189177
---------+--------------------------------------------------------------------
  obs. P |   .3594003
 pred. P |   .3462642  (at x-bar)
------------------------------------------------------------------------------
(*) dF/dx is for discrete change of dummy variable from 0 to 1
    z and P>|z| correspond to the test of the underlying coefficient being 0

.             
.     ** Test H1: (1) beta1 (b1m0) > beta4 (b0m0); (2) beta2 (b1m1) > beta5 (b0m1); (3) beta3 (b1m2) > 0
.     ** compare pairwise hypotheses with adjusted significance level alpha/3 (Bonferroni)
.     sca bonfi10=0.1/3

.     sca bonfi5=0.05/3

.     sca bonfi1=0.01/3

.     sca di bonfi10 bonfi5 bonfi1
   bonfi10 =  .03333333
    bonfi5 =  .01666667
    bonfi1 =  .00333333

. 
.     sca sidak10=1-(1-0.1)^(1/3)

.     sca sidak5=1-(1-0.05)^(1/3)

.     sca sidak1=1-(1-0.01)^(1/3)

.     sca di sidak10 sidak5 sidak1
   sidak10 =  .03451062
    sidak5 =  .01695243
    sidak1 =  .00334451

. 
.     ** figures " 1 4" just indicate which coefficients are tested, no other meaning
.     uetest  b0m0_s5 b1m0_s5  1 4  

 ( 1)  - b1m0_s5 + b0m0_s5 = 0

           chi2(  1) =    5.70
         Prob > chi2 =    0.0170

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0084823           0   .0084823   .0084823

.     uetest  b0m1_s5 b1m1_s5  2 5

 ( 1)  - b1m1_s5 + b0m1_s5 = 0

           chi2(  1) =   12.15
         Prob > chi2 =    0.0005

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0002451           0   .0002451   .0002451

.     * two-sided test => one-sided test: pvalue/2 
.     test b1m2_s5=0

 ( 1)  b1m2_s5 = 0

           chi2(  1) =   13.45
         Prob > chi2 =    0.0002

.     
.           
.     ** Test H2a: (1) beta1 (b1m0) > beta2 (b1m1); (2) beta1 (b1m0) > beta3 (b1m2); (3) beta2 (b1m1) > beta3 (b1m2)
.     uetest  b1m1_s5 b1m0_s5 1 2  

 ( 1)  - b1m0_s5 + b1m1_s5 = 0

           chi2(  1) =    4.98
         Prob > chi2 =    0.0256

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0127869           0   .0127869   .0127869

.     uetest  b1m2_s5 b1m0_s5 1 3

 ( 1)  - b1m0_s5 + b1m2_s5 = 0

           chi2(  1) =    0.87
         Prob > chi2 =    0.3511

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .1755734           0   .1755734   .1755734

.     uetest  b1m2_s5 b1m1_s5 2 3

 ( 1)  - b1m1_s5 + b1m2_s5 = 0

           chi2(  1) =    4.47
         Prob > chi2 =    0.0346

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .9827147           0   .9827147   .9827147

.     
.     testparm br_*

 ( 1)  br_2 = 0
 ( 2)  br_3 = 0
 ( 3)  br_4 = 0
 ( 4)  br_5 = 0
 ( 5)  br_6 = 0
 ( 6)  br_7 = 0
 ( 7)  br_8 = 0
 ( 8)  br_9 = 0
 ( 9)  br_10 = 0
 (10)  br_11 = 0
 (11)  br_12 = 0
 (12)  br_13 = 0
 (13)  br_14 = 0
 (14)  br_15 = 0

           chi2( 14) =  641.61
         Prob > chi2 =    0.0000

.     test famcom group kapint rating 

 ( 1)  famcom = 0
 ( 2)  group = 0
 ( 3)  kapint = 0
 ( 4)  rating = 0

           chi2(  4) =   10.97
         Prob > chi2 =    0.0270

.     lstat

Probit model for con

              -------- True --------
Classified |         D            ~D  |      Total
-----------+--------------------------+-----------
     +     |       233           191  |        424
     -     |       654          1390  |       2044
-----------+--------------------------+-----------
   Total   |       887          1581  |       2468

Classified + if predicted Pr(D) >= .5
True D defined as con != 0
--------------------------------------------------
Sensitivity                     Pr( +| D)   26.27%
Specificity                     Pr( -|~D)   87.92%
Positive predictive value       Pr( D| +)   54.95%
Negative predictive value       Pr(~D| -)   68.00%
--------------------------------------------------
False + rate for true ~D        Pr( +|~D)   12.08%
False - rate for true D         Pr( -| D)   73.73%
False + rate for classified +   Pr(~D| +)   45.05%
False - rate for classified -   Pr( D| -)   32.00%
--------------------------------------------------
Correctly classified                        65.76%
--------------------------------------------------

. 
. 
.     **** Line 6: innovative capability based on R&D intensity, 80pctile
.     
.         egen publo80 = pctile(fuebp), p(80)

.         gen innocap6 = 0

.         replace innocap6 = 1 if (fuebp > publo80 & fuebp !=.)  
(475 real changes made)

. 
.         gen b1m0_s6=1 if innocap6==1 & profit==1
(2412 missing values generated)

.         replace b1m0_s6=0 if b1m0_s6==.
(2412 real changes made)

.         gen b1m1_s6=1 if innocap6==1 & profit>1 & profit<5
(2210 missing values generated)

.         replace b1m1_s6=0 if b1m1_s6==.
(2210 real changes made)

.         gen b1m2_s6=1 if innocap6==1 & profit>=5 & profit!=8
(2307 missing values generated)

.         replace b1m2_s6=0 if b1m2_s6==.
(2307 real changes made)

.         gen b0m0_s6=1 if innocap6==0 & profit==1
(2252 missing values generated)

.         replace b0m0_s6=0 if b0m0_s6==.
(2252 real changes made)

.         gen b0m1_s6=1 if innocap6==0 & profit>1 & profit<5
(1221 missing values generated)

.         replace b0m1_s6=0 if b0m1_s6==.
(1221 real changes made)

.         gen b0m2_s6=1 if innocap6==0 & profit>=5 & profit!=8
(1938 missing values generated)

.         replace b0m2_s6=0 if b0m2_s6==.
(1938 real changes made)

.     
.         global BMs6 "b1m0_s6 b1m1_s6 b1m2_s6 b0m0_s6 b0m1_s6"

.     
.         qui probit con $BMs6 lnsize lnage lnplc east $respond comp famcom group kapint rating $id, robust cluster(cls)

.         fitstat

Measures of Fit for probit of con

Log-Lik Intercept Only:    -1611.783     Log-Lik Full Model:        -1474.725
D(2435):                    2949.451     LR(28):                      274.115
                                         Prob > LR:                     0.000
McFadden's R2:                 0.085     McFadden's Adj R2:             0.065
Maximum Likelihood R2:         0.105     Cragg & Uhler's R2:            0.144
McKelvey and Zavoina's R2:     0.179     Efron's R2:                    0.104
Variance of y*:                1.218     Variance of error:             1.000
Count R2:                      0.672     Adj Count R2:                  0.087
AIC:                           1.222     AIC*n:                      3015.451
BIC:                      -16070.732     BIC':                        -55.402

. 
.         dprobit con $BMs6 lnsize lnage lnplc east $respond comp famcom group kapint rating $id, robust cluster(cls)

Iteration 0:   log pseudolikelihood = -1611.7826
Iteration 1:   log pseudolikelihood = -1476.7628
Iteration 2:   log pseudolikelihood = -1474.7963
Iteration 3:   log pseudolikelihood = -1474.7256
Iteration 4:   log pseudolikelihood = -1474.7254
Iteration 5:   log pseudolikelihood = -1474.7254

Probit regression, reporting marginal effects           Number of obs =   2468
                                                        Wald chi2(28) =      .
                                                        Prob > chi2   =      .
Log pseudolikelihood = -1474.7254                       Pseudo R2     = 0.0850

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
         |               Robust
     con |      dF/dx   Std. Err.      z    P>|z|     x-bar  [    95% C.I.   ]
---------+--------------------------------------------------------------------
 b1m0_s6*|    .352737   .0751901     4.30   0.000    .02269   .205367  .500107
 b1m1_s6*|   .1650394   .0433603     3.88   0.000   .104538   .080055  .250024
 b1m2_s6*|   .2685842   .0802776     3.31   0.001   .065235   .111243  .425925
 b0m0_s6*|     .03164   .0433831     0.74   0.460    .08752  -.053389  .116669
 b0m1_s6*|  -.0211237   .0229168    -0.92   0.357   .505267   -.06604  .023792
  lnsize |   .0469048   .0050832     9.13   0.000    3.9526   .036942  .056868
   lnage |   .0123339   .0139169     0.89   0.375   2.81865  -.014943  .039611
   lnplc |  -.0090428   .0137133    -0.66   0.509   2.47066   -.03592  .017835
    east*|  -.0328882   .0189386    -1.71   0.086   .306726  -.070007  .004231
 finance*|  -.1025224   .0285228    -3.39   0.001   .156807  -.158426 -.046619
      RD*|   .0341709   .0420863     0.82   0.411   .062399  -.048317  .116659
 kaufman*|  -.0693865   .0388273    -1.71   0.087   .076175  -.145487  .006714
   other*|  -.0383151   .0388272    -0.97   0.334   .063209  -.114415  .037785
    comp |   8.37e-06   .0001119     0.07   0.940   43.6851  -.000211  .000228
  famcom*|   .0428369   .0181548     2.33   0.020   .665721   .007254   .07842
   group*|   -.000686   .0319502    -0.02   0.983   .330632  -.063307  .061935
  kapint |   -.124249   .0508907    -2.44   0.015   .088745  -.223993 -.024505
  rating |   -.016559   .0155333    -1.06   0.287   2.27288  -.047004  .013886
    br_2*|   .1543297    .105485     1.50   0.135   .069692  -.052417  .361076
    br_3*|   .1740045   .1171275     1.52   0.129   .045786  -.055561   .40357
    br_4*|   .1450076   .1048907     1.41   0.157   .101297  -.060574   .35059
    br_5*|   .1922124   .1111203     1.76   0.079    .06564  -.025579  .410004
    br_6*|   .2040617   .1088608     1.90   0.058   .057942  -.009302  .417425
    br_7*|   .2678557   .1026819     2.57   0.010   .047812   .066603  .469108
    br_8*|   .2342709   .1036084     2.27   0.023   .126418   .031202   .43734
    br_9*|   .2106406   .1133065     1.88   0.060   .107374  -.011436  .432717
   br_10*|   .2921053   .1063642     2.68   0.007   .075365   .083635  .500575
   br_11*|   .2896592     .10317     2.75   0.006   .078201    .08745  .491869
   br_12*|   .2855374   .1139209     2.44   0.015   .040519   .062257  .508818
   br_13*|   .2010417   .1093417     1.86   0.062   .049028  -.013264  .415348
   br_14*|   .0775367   .1232889     0.64   0.520   .057536  -.164105  .319179
   br_15*|   -.001555   .1043004    -0.01   0.988   .045786   -.20598   .20287
---------+--------------------------------------------------------------------
  obs. P |   .3594003
 pred. P |   .3452928  (at x-bar)
------------------------------------------------------------------------------
(*) dF/dx is for discrete change of dummy variable from 0 to 1
    z and P>|z| correspond to the test of the underlying coefficient being 0

.             
.     ** Test H1: (1) beta1 (b1m0) > beta4 (b0m0); (2) beta2 (b1m1) > beta5 (b0m1); (3) beta3 (b1m2) > 0
.     ** compare pairwise hypotheses with adjusted significance level alpha/3 (Bonferroni)
.     sca bonfi10=0.1/3

.     sca bonfi5=0.05/3

.     sca bonfi1=0.01/3

.     sca di bonfi10 bonfi5 bonfi1
   bonfi10 =  .03333333
    bonfi5 =  .01666667
    bonfi1 =  .00333333

. 
.     sca sidak10=1-(1-0.1)^(1/3)

.     sca sidak5=1-(1-0.05)^(1/3)

.     sca sidak1=1-(1-0.01)^(1/3)

.     sca di sidak10 sidak5 sidak1
   sidak10 =  .03451062
    sidak5 =  .01695243
    sidak1 =  .00334451

. 
.     ** figures " 1 4" just indicate which coefficients are tested, no other meaning
.     uetest  b0m0_s6 b1m0_s6  1 4  

 ( 1)  - b1m0_s6 + b0m0_s6 = 0

           chi2(  1) =   16.49
         Prob > chi2 =    0.0000

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0000245           0   .0000245   .0000245

.     uetest  b0m1_s6 b1m1_s6  2 5

 ( 1)  - b1m1_s6 + b0m1_s6 = 0

           chi2(  1) =   20.76
         Prob > chi2 =    0.0000

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    2.60e-06           0   2.60e-06   2.60e-06

.     * two-sided test => one-sided test: pvalue/2 
.     test b1m2_s6=0

 ( 1)  b1m2_s6 = 0

           chi2(  1) =   10.96
         Prob > chi2 =    0.0009

.     
.           
.     ** Test H2a: (1) beta1 (b1m0) > beta2 (b1m1); (2) beta1 (b1m0) > beta3 (b1m2); (3) beta2 (b1m1) > beta3 (b1m2)
.     uetest  b1m1_s6 b1m0_s6 1 2  

 ( 1)  - b1m0_s6 + b1m1_s6 = 0

           chi2(  1) =    4.48
         Prob > chi2 =    0.0343

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0171606           0   .0171606   .0171606

.     uetest  b1m2_s6 b1m0_s6 1 3

 ( 1)  - b1m0_s6 + b1m2_s6 = 0

           chi2(  1) =    1.16
         Prob > chi2 =    0.2824

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .1411763           0   .1411763   .1411763

.     uetest  b1m2_s6 b1m1_s6 2 3

 ( 1)  - b1m1_s6 + b1m2_s6 = 0

           chi2(  1) =    2.51
         Prob > chi2 =    0.1132

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .9434241           0   .9434241   .9434241

.     
.     testparm br_*

 ( 1)  br_2 = 0
 ( 2)  br_3 = 0
 ( 3)  br_4 = 0
 ( 4)  br_5 = 0
 ( 5)  br_6 = 0
 ( 6)  br_7 = 0
 ( 7)  br_8 = 0
 ( 8)  br_9 = 0
 ( 9)  br_10 = 0
 (10)  br_11 = 0
 (11)  br_12 = 0
 (12)  br_13 = 0
 (13)  br_14 = 0
 (14)  br_15 = 0

           chi2( 14) =  738.70
         Prob > chi2 =    0.0000

.     test famcom group kapint rating 

 ( 1)  famcom = 0
 ( 2)  group = 0
 ( 3)  kapint = 0
 ( 4)  rating = 0

           chi2(  4) =   14.78
         Prob > chi2 =    0.0052

.     lstat

Probit model for con

              -------- True --------
Classified |         D            ~D  |      Total
-----------+--------------------------+-----------
     +     |       256           179  |        435
     -     |       631          1402  |       2033
-----------+--------------------------+-----------
   Total   |       887          1581  |       2468

Classified + if predicted Pr(D) >= .5
True D defined as con != 0
--------------------------------------------------
Sensitivity                     Pr( +| D)   28.86%
Specificity                     Pr( -|~D)   88.68%
Positive predictive value       Pr( D| +)   58.85%
Negative predictive value       Pr(~D| -)   68.96%
--------------------------------------------------
False + rate for true ~D        Pr( +|~D)   11.32%
False - rate for true D         Pr( -| D)   71.14%
False + rate for classified +   Pr(~D| +)   41.15%
False - rate for classified -   Pr( D| -)   31.04%
--------------------------------------------------
Correctly classified                        67.18%
--------------------------------------------------

. 
.     
. 
.     
.     **** Line 7: innovative capability based on past innovation success, median
.         sum mneup, d

              Umsatzanteil Marktneuheiten 2004
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                2352
25%            0              0       Sum of Wgt.        2352

50%            0                      Mean           3.860394
                        Largest       Std. Dev.      11.42589
75%            1            100
90%           10            100       Variance        130.551
95%           22            100       Skewness       4.905282
99%           60            100       Kurtosis       31.86072

.         egen succ = pctile(mneup), p(50) 

.         gen innocap7 = 0

.         replace innocap7 = 1 if mneup > succ & mneup !=.
(624 real changes made)

.     
. 
.         gen b1m0_s7=1 if innocap7==1 & profit==1
(2401 missing values generated)

.         replace b1m0_s7=0 if b1m0_s7==.
(2401 real changes made)

.         gen b1m1_s7=1 if innocap7==1 & profit>1 & profit<5
(2109 missing values generated)

.         replace b1m1_s7=0 if b1m1_s7==.
(2109 real changes made)

.         gen b1m2_s7=1 if innocap7==1 & profit>=5 & profit!=8
(2270 missing values generated)

.         replace b1m2_s7=0 if b1m2_s7==.
(2270 real changes made)

.         gen b0m0_s7=1 if innocap7==0 & profit==1
(2263 missing values generated)

.         replace b0m0_s7=0 if b0m0_s7==.
(2263 real changes made)

.         gen b0m1_s7=1 if innocap7==0 & profit>1 & profit<5
(1322 missing values generated)

.         replace b0m1_s7=0 if b0m1_s7==.
(1322 real changes made)

.         gen b0m2_s7=1 if innocap7==0 & profit>=5 & profit!=8
(1975 missing values generated)

.         replace b0m2_s7=0 if b0m2_s7==.
(1975 real changes made)

.     
.         global BMs7 "b1m0_s7 b1m1_s7 b1m2_s7 b0m0_s7 b0m1_s7"

.     
.         qui probit con $BMs7 lnsize lnage lnplc east $respond comp famcom group kapint rating $id, robust cluster(cls)

.         fitstat

Measures of Fit for probit of con

Log-Lik Intercept Only:    -1611.783     Log-Lik Full Model:        -1469.684
D(2435):                    2939.368     LR(28):                      284.198
                                         Prob > LR:                     0.000
McFadden's R2:                 0.088     McFadden's Adj R2:             0.068
Maximum Likelihood R2:         0.109     Cragg & Uhler's R2:            0.149
McKelvey and Zavoina's R2:     0.179     Efron's R2:                    0.110
Variance of y*:                1.218     Variance of error:             1.000
Count R2:                      0.684     Adj Count R2:                  0.122
AIC:                           1.218     AIC*n:                      3005.368
BIC:                      -16080.815     BIC':                        -65.485

. 
.         dprobit con $BMs7 lnsize lnage lnplc east $respond comp famcom group kapint rating $id, robust cluster(cls)

Iteration 0:   log pseudolikelihood = -1611.7826
Iteration 1:   log pseudolikelihood = -1471.4056
Iteration 2:   log pseudolikelihood = -1469.7398
Iteration 3:   log pseudolikelihood = -1469.6841
Iteration 4:   log pseudolikelihood = -1469.6839

Probit regression, reporting marginal effects           Number of obs =   2468
                                                        Wald chi2(28) =      .
                                                        Prob > chi2   =      .
Log pseudolikelihood = -1469.6839                       Pseudo R2     = 0.0882

                                   (Std. Err. adjusted for 30 clusters in cls)
------------------------------------------------------------------------------
         |               Robust
     con |      dF/dx   Std. Err.      z    P>|z|     x-bar  [    95% C.I.   ]
---------+--------------------------------------------------------------------
 b1m0_s7*|   .3344743   .0537494     5.82   0.000   .027147   .229127  .439821
 b1m1_s7*|   .1686315   .0330918     5.19   0.000   .145462   .103773   .23349
 b1m2_s7*|   .1976766   .0467554     4.29   0.000   .080227   .106038  .289315
 b0m0_s7*|   .0129083   .0499397     0.26   0.795   .083063  -.084972  .110788
 b0m1_s7*|  -.0368258   .0218179    -1.68   0.092   .464344  -.079588  .005936
  lnsize |   .0292632   .0061074     4.76   0.000    3.9526   .017293  .041233
   lnage |   .0037163   .0143011     0.26   0.795   2.81865  -.024313  .031746
   lnplc |  -.0092774   .0129241    -0.72   0.472   2.47066  -.034608  .016053
    east*|  -.0168918   .0200085    -0.84   0.401   .306726  -.056108  .022324
 finance*|   -.089948   .0282949    -3.03   0.002   .156807  -.145405 -.034491
      RD*|   .0465129   .0433923     1.09   0.276   .062399  -.038535   .13156
 kaufman*|  -.0496784   .0389694    -1.24   0.215   .076175  -.126057    .0267
   other*|  -.0281986    .038203    -0.73   0.467   .063209  -.103075  .046678
    comp |   .0000727   .0001312     0.55   0.579   43.6851  -.000184   .00033
  famcom*|   .0285201   .0178308     1.59   0.112   .665721  -.006428  .063468
   group*|  -.0069444   .0294345    -0.24   0.814   .330632  -.064635  .050746
  kapint |  -.1218716   .0524641    -2.32   0.020   .088745  -.224699 -.019044
  rating |  -.0218802   .0162841    -1.34   0.179   2.27288  -.053796  .010036
    br_2*|    .125968   .1137303     1.13   0.256   .069692  -.096939  .348875
    br_3*|   .1659237   .1262824     1.34   0.179   .045786  -.081585  .413433
    br_4*|    .130476   .1129838     1.18   0.237   .101297  -.090968   .35192
    br_5*|   .2181118   .1149545     1.91   0.056    .06564  -.007195  .443419
    br_6*|   .1873738   .1200828     1.59   0.112   .057942  -.047984  .422732
    br_7*|   .2394993   .1129815     2.12   0.034   .047812    .01806  .460939
    br_8*|   .2163609   .1124499     1.94   0.052   .126418  -.004037  .436759
    br_9*|   .2096848   .1206023     1.76   0.078   .107374  -.026691  .446061
   br_10*|   .2844613   .1144147     2.44   0.015   .075365   .060213   .50871
   br_11*|   .2936979   .1097989     2.61   0.009   .078201   .078496    .5089
   br_12*|   .2622137   .1238052     2.09   0.036   .040519    .01956  .504867
   br_13*|   .1840146   .1174744     1.59   0.111   .049028  -.046231   .41426
   br_14*|   .0786485   .1262506     0.64   0.524   .057536  -.168798  .326095
   br_15*|   .0055403   .1171232     0.05   0.962   .045786  -.224017  .235097
---------+--------------------------------------------------------------------
  obs. P |   .3594003
 pred. P |   .3461296  (at x-bar)
------------------------------------------------------------------------------
(*) dF/dx is for discrete change of dummy variable from 0 to 1
    z and P>|z| correspond to the test of the underlying coefficient being 0

.             
.     ** Test H1: (1) beta1 (b1m0) > beta4 (b0m0); (2) beta2 (b1m1) > beta5 (b0m1); (3) beta3 (b1m2) > 0
.     ** compare pairwise hypotheses with adjusted significance level alpha/3 (Bonferroni)
.     sca bonfi10=0.1/3

.     sca bonfi5=0.05/3

.     sca bonfi1=0.01/3

.     sca di bonfi10 bonfi5 bonfi1
   bonfi10 =  .03333333
    bonfi5 =  .01666667
    bonfi1 =  .00333333

. 
.     sca sidak10=1-(1-0.1)^(1/3)

.     sca sidak5=1-(1-0.05)^(1/3)

.     sca sidak1=1-(1-0.01)^(1/3)

.     sca di sidak10 sidak5 sidak1
   sidak10 =  .03451062
    sidak5 =  .01695243
    sidak1 =  .00334451

. 
.     ** figures " 1 4" just indicate which coefficients are tested, no other meaning
.     uetest  b0m0_s7 b1m0_s7  1 4  

 ( 1)  - b1m0_s7 + b0m0_s7 = 0

           chi2(  1) =   20.77
         Prob > chi2 =    0.0000

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    2.59e-06           0   2.59e-06   2.59e-06

.     uetest  b0m1_s7 b1m1_s7  2 5

 ( 1)  - b1m1_s7 + b0m1_s7 = 0

           chi2(  1) =   42.83
         Prob > chi2 =    0.0000

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    2.99e-11           0   2.99e-11   2.99e-11

.     * two-sided test => one-sided test: pvalue/2 
.     test b1m2_s7=0

 ( 1)  b1m2_s7 = 0

           chi2(  1) =   18.42
         Prob > chi2 =    0.0000

.     
.           
.     ** Test H2a: (1) beta1 (b1m0) > beta2 (b1m1); (2) beta1 (b1m0) > beta3 (b1m2); (3) beta2 (b1m1) > beta3 (b1m2)
.     uetest  b1m1_s7 b1m0_s7 1 2  

 ( 1)  - b1m0_s7 + b1m1_s7 = 0

           chi2(  1) =    7.17
         Prob > chi2 =    0.0074

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468     .003705           0    .003705    .003705

.     uetest  b1m2_s7 b1m0_s7 1 3

 ( 1)  - b1m0_s7 + b1m2_s7 = 0

           chi2(  1) =    6.22
         Prob > chi2 =    0.0126

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .0063116           0   .0063116   .0063116

.     uetest  b1m2_s7 b1m1_s7 2 3

 ( 1)  - b1m1_s7 + b1m2_s7 = 0

           chi2(  1) =    0.45
         Prob > chi2 =    0.5033

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
    __000001 |      2468    .7483327           0   .7483327   .7483327

.     
.     testparm br_*

 ( 1)  br_2 = 0
 ( 2)  br_3 = 0
 ( 3)  br_4 = 0
 ( 4)  br_5 = 0
 ( 5)  br_6 = 0
 ( 6)  br_7 = 0
 ( 7)  br_8 = 0
 ( 8)  br_9 = 0
 ( 9)  br_10 = 0
 (10)  br_11 = 0
 (11)  br_12 = 0
 (12)  br_13 = 0
 (13)  br_14 = 0
 (14)  br_15 = 0

           chi2( 14) =  363.69
         Prob > chi2 =    0.0000

.     test famcom group kapint rating 

 ( 1)  famcom = 0
 ( 2)  group = 0
 ( 3)  kapint = 0
 ( 4)  rating = 0

           chi2(  4) =    9.56
         Prob > chi2 =    0.0486

.     lstat

Probit model for con

              -------- True --------
Classified |         D            ~D  |      Total
-----------+--------------------------+-----------
     +     |       310           202  |        512
     -     |       577          1379  |       1956
-----------+--------------------------+-----------
   Total   |       887          1581  |       2468

Classified + if predicted Pr(D) >= .5
True D defined as con != 0
--------------------------------------------------
Sensitivity                     Pr( +| D)   34.95%
Specificity                     Pr( -|~D)   87.22%
Positive predictive value       Pr( D| +)   60.55%
Negative predictive value       Pr(~D| -)   70.50%
--------------------------------------------------
False + rate for true ~D        Pr( +|~D)   12.78%
False - rate for true D         Pr( -| D)   65.05%
False + rate for classified +   Pr(~D| +)   39.45%
False - rate for classified -   Pr( D| -)   29.50%
--------------------------------------------------
Correctly classified                        68.44%
--------------------------------------------------

. 
. 
. 
. *** Table A.6 Cross-Correlation Table   
.     corr con type m0 m1 m2 innocap lnsize lnage $cashclasses5 famcom group kapint rating $respond5 comp plc east $legal3 inno
(obs=2468)

             |      con     type       m0       m1       m2  innocap   lnsize    lnage lncash~1 lncas~_2 lncas~_3 lncash~4 lncash~5   famcom    group
-------------+---------------------------------------------------------------------------------------------------------------------------------------
         con |   1.0000
        type |   0.9676   1.0000
          m0 |   0.0276   0.0255   1.0000
          m1 |  -0.0396  -0.0420  -0.4400   1.0000
          m2 |   0.0238   0.0278  -0.2195  -0.7796   1.0000
     innocap |   0.1344   0.1538   0.0204  -0.0915   0.0852   1.0000
      lnsize |   0.1367   0.1222  -0.0549   0.0739  -0.0419  -0.1591   1.0000
       lnage |   0.0043   0.0078  -0.0605   0.0449  -0.0066  -0.0632   0.1372   1.0000
   lncashc_1 |  -0.1054  -0.1008   0.1042  -0.1004   0.0364   0.1361  -0.5849  -0.1256   1.0000
   lncashc_2 |  -0.0272  -0.0329  -0.0373   0.0480  -0.0261   0.0322  -0.3052  -0.0540  -0.2490   1.0000
   lncashc_3 |  -0.0322  -0.0258  -0.0151   0.0281  -0.0200  -0.0804  -0.0338   0.0088  -0.2493  -0.2512   1.0000
   lncashc_4 |   0.0735   0.0716  -0.0011   0.0361  -0.0384  -0.0699   0.2303   0.0574  -0.2484  -0.2503  -0.2506   1.0000
   lncashc_5 |   0.0909   0.0875  -0.0503  -0.0121   0.0482  -0.0174   0.6912   0.1129  -0.2490  -0.2509  -0.2512  -0.2503   1.0000
      famcom |   0.0331   0.0256  -0.0578   0.0988  -0.0670  -0.0973  -0.1139   0.0547   0.0527   0.0396   0.0682   0.0296  -0.1899   1.0000
       group |   0.0587   0.0675   0.0222  -0.0275   0.0145   0.0169   0.5033   0.0414  -0.2759  -0.2230  -0.1246   0.1271   0.4954  -0.2177   1.0000
      kapint |  -0.0854  -0.0848  -0.0040  -0.0478   0.0548  -0.0082   0.0075   0.0246  -0.0631  -0.0242  -0.0063   0.0423   0.0510  -0.1816   0.0787
      rating |  -0.0486  -0.0398   0.1075   0.0177  -0.0942   0.0587  -0.3120  -0.1373   0.2124   0.1598   0.0030  -0.1144  -0.2600   0.0095  -0.1782
          gf |  -0.0016   0.0036  -0.0282   0.0202  -0.0023   0.0549  -0.4404  -0.0896   0.2530   0.1994   0.0334  -0.1272  -0.3576   0.1633  -0.2916
     finance |  -0.0490  -0.0581   0.0190  -0.0137   0.0016  -0.0652   0.2592   0.0829  -0.1501  -0.1270  -0.0355   0.0855   0.2265  -0.1243   0.2204
          RD |   0.0861   0.0831   0.0108  -0.0066  -0.0004   0.0223   0.2124   0.0115  -0.0736  -0.0706  -0.0500  -0.0074   0.2013  -0.0374   0.1392
     kaufman |  -0.0114  -0.0117   0.0111  -0.0302   0.0250   0.0002   0.1472   0.0293  -0.1006  -0.0828  -0.0144   0.0896   0.1079  -0.0750   0.0709
       other |   0.0032   0.0099   0.0043   0.0200  -0.0248  -0.0333   0.1091   0.0093  -0.0915  -0.0428   0.0526   0.0326   0.0487  -0.0171   0.0298
        comp |   0.0603   0.0642  -0.0146  -0.0387   0.0522   0.1411   0.1059  -0.0395  -0.0681  -0.0350  -0.0375   0.0411   0.0992  -0.1498   0.0922
         plc |  -0.0887  -0.0913  -0.0039  -0.0162   0.0203  -0.0354  -0.0452   0.0423   0.0095  -0.0142  -0.0117   0.0103   0.0062  -0.0822   0.0030
        east |  -0.0477  -0.0537   0.0212   0.0259  -0.0430   0.0984  -0.1546  -0.2366   0.1080   0.0706   0.0501  -0.0356  -0.1927  -0.1303  -0.0958
     private |  -0.0924  -0.0958  -0.0489  -0.0829   0.1242  -0.0284  -0.2531  -0.0109   0.3065   0.0377  -0.0859  -0.1251  -0.1319   0.1133  -0.2078
      public |   0.0038   0.0005  -0.0166  -0.0386   0.0535   0.0749   0.2236   0.0244  -0.0889  -0.0529  -0.0636  -0.0104   0.2154  -0.1350   0.1370
     limited |   0.0841   0.0888   0.0550   0.0954  -0.1420  -0.0145   0.1101  -0.0149  -0.2264  -0.0070   0.1107   0.1206   0.0012  -0.0179   0.1167
        inno |   0.3480   0.3426  -0.0304  -0.0299   0.0537   0.1544   0.2459  -0.0326  -0.1601  -0.0573  -0.0284   0.0632   0.1820   0.0109   0.1652

             |   kapint   rating       gf  finance       RD  kaufman    other     comp      plc     east  private   public  limited     inno
-------------+------------------------------------------------------------------------------------------------------------------------------
      kapint |   1.0000
      rating |  -0.0849   1.0000
          gf |  -0.0783   0.1615   1.0000
     finance |   0.0765  -0.1106  -0.5768   1.0000
          RD |   0.0127  -0.0566  -0.3450  -0.1112   1.0000
     kaufman |   0.0480  -0.0648  -0.3840  -0.1238  -0.0741   1.0000
       other |  -0.0251  -0.0261  -0.3474  -0.1120  -0.0670  -0.0746   1.0000
        comp |   0.0807  -0.0453  -0.0572   0.0153   0.0666   0.0432  -0.0235   1.0000
         plc |   0.1753  -0.0351  -0.0341   0.0120  -0.0197   0.0559   0.0080  -0.0149   1.0000
        east |   0.0464   0.1183   0.0833  -0.0234  -0.0553  -0.0386  -0.0320   0.0186  -0.0178   1.0000
     private |   0.0282   0.0228   0.1201  -0.0764  -0.0455  -0.0562  -0.0160  -0.0840   0.0491   0.0377   1.0000
      public |   0.0488  -0.1252  -0.1534   0.0933   0.0529   0.0537   0.0519   0.1156   0.0042  -0.0372  -0.0749   1.0000
     limited |  -0.0543   0.0457  -0.0241   0.0140   0.0151   0.0203  -0.0105   0.0133  -0.0498  -0.0153  -0.8431  -0.4509   1.0000
        inno |  -0.1028  -0.0850  -0.0219  -0.0396   0.1107  -0.0115   0.0049   0.1104  -0.1351  -0.0651  -0.1145   0.0592   0.0694   1.0000


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end of do-file

. exit, clear
